TDS
This query is : Resolved
15 February 2010
TDS @ 2% for individual contractor was applicable for Bills booked before 1.10.09
TDS @ 1% for individual contractor is applicable for Bills booked after 1.10.09
What if bills are booked before 1.10.09 without deducting TDS (as the limit of Rs.20000 or Rs. 50000 did not exceed),
TDS has to be deducted after 1.10.09 on the above bill amount as the above limit is crossed now?
I would like to know at what rate TDS to be deducted in the above case(1% or 2%)?
Thanks
Best Regards
Ashwini
TDS @ 1% for individual contractor is applicable for Bills booked after 1.10.09
What if bills are booked before 1.10.09 without deducting TDS (as the limit of Rs.20000 or Rs. 50000 did not exceed),
TDS has to be deducted after 1.10.09 on the above bill amount as the above limit is crossed now?
I would like to know at what rate TDS to be deducted in the above case(1% or 2%)?
Thanks
Best Regards
Ashwini
15 February 2010
If the bill is booked before o1/10/2009, the account of the creditor is credited by the bill amount. The instance of TDS u/s 194C is at the time of credit or payment which ever is earlier. Therefore, in this case, the applicable rate of TDS was 2 %. So even if TDS is made afterwards, the applicable rate would be 2 % only
15 February 2010
If the thershold limit crossed after 1.10.2009 rate will be 1% only
Message likes :
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16 February 2010
Yes. If the threshold limit is crossed after 01/10/2009, the applicable rate of TDS will be 1 %.
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