Tds deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2011
Dear Expert,
TDS on COntract is @ 2% for other entity. but some entities charge 1% why is that so.
TDS on COntract is @ 2% for other entity. but some entities charge 1% why is that so.
29 December 2011
The rate of TDS depends upon the status of the payee (person to whom payment is made).
If the payee is individual or HUF, TDS is required to be deducted @ 1%.
In case of any other person, TDS is required to be deducted @ 2%.
If any payer is deducting TDS @ 1% in case of other persons, then there is short deduction and the payer will be liable for the same.
If the payee is individual or HUF, TDS is required to be deducted @ 1%.
In case of any other person, TDS is required to be deducted @ 2%.
If any payer is deducting TDS @ 1% in case of other persons, then there is short deduction and the payer will be liable for the same.
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06 April 2012
The expert is correct. Previously for sub contractor it was 1%. Now, this provision has been done away with. So the expert is correct
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