TDS deduction under 194 c
This query is : Resolved
04 April 2009
one of my clients entered into the contract with OTIS Ltd for instalation of lift
contract price includes cost of lift & instalation charges Whether Tax should be deducted on entire contract price & at what rate?
contract price includes cost of lift & instalation charges Whether Tax should be deducted on entire contract price & at what rate?
HUZAIFA HUSSAIN
(Expert)
04 April 2009
yes, tds is to be deducted on total contract value @ 2% + SC (if applicable) + Education Cess.
the effective rate is 2.266% if SC is applicable or 2.06% if SC is not applicable
the effective rate is 2.266% if SC is applicable or 2.06% if SC is not applicable
K V Subba Rao
(Expert)
04 April 2009
I suppose for cost of Lift, VAT at applicable rate is charged. In such case, TDS may be affected on Installation Charges only
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