TDS at lower rate

This query is : Resolved

arijit (Querist)
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12 May 2009 One of our transporterr party had submitted a certificate issued by AO for lower deduction of tax at source in the FY 2008-09.

My query is this certificate still valid in FY 2009-10?Or I will deduct tax at source U/s 194C as per normal existing provision ie 2.266%?
I personally think this such certificate is valid for one Fy only wef the date on which AO issues the same.
Please let me know its urgent otherwise I wl be a TDS defaulter.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 May 2009 Your understanding is correct.

taxindiaconnect

taxindiaconnect (Expert)
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12 May 2009 Yes the certificates for lower / non deduction of tax are issued for the financial year and are valid for that year for which issued by the TDS officer. You should not presume the validity for this year and go ahead with deduction of TDS on the payments for the current year i.e. fy 2009-10 at the rate applicable in full.

arijit

arijit (Querist)
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12 May 2009 ok Thanks for remarks

jegannath G

jegannath G (Expert)
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12 May 2009 The exemption certificate is valid for the period mwntioned in the certificate.

Hence you cannot persume that it will continue for the next year too.

You should deduct at the applicable rate mentioned in the TDS section. only after receiving the new exemption certificate , we should not deduct at the lower rate

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