Tds @ lower rate
This query is : Resolved
22 January 2016
Hi All
I have received a TDS Certificate from the TDS Circle where d party has filed for lower rate of TDS deduction @ 0.02% does it mean 10000@2% which is 200/- or it means 10000@0.02% which is 2/-.
kindly clarify its 2% or 0.02%
thnx
preet
I have received a TDS Certificate from the TDS Circle where d party has filed for lower rate of TDS deduction @ 0.02% does it mean 10000@2% which is 200/- or it means 10000@0.02% which is 2/-.
kindly clarify its 2% or 0.02%
thnx
preet
22 January 2016
If on lower deduction certificate rate mentioned is 0.02% then apply same rate on amount of payment to party.
so on 10000*0.02% is Rs.2
so on 10000*0.02% is Rs.2
22 January 2016
An application for Nil/ lower deduction of TDS is required to be filed in Form-13 to Income tax Officer.The tax officer being satisfied that lower deduction of TDS is justified shall issue a certificate for same u/s 197.
You need to collect Letter of approval for lesser deduction and check till what date it is approved, based on same you have to deduct .
but you have mentioned for 10000 they have deducted Rs.2/- but actual tds u/s 194C it should be 1% Individual & HUF & 2% other than Individual & HUF . but as per your statement tds deducted to you 0.02% , if they deducted lesser amount than department issue notice for short deduction to deductor.
You need to collect Letter of approval for lesser deduction and check till what date it is approved, based on same you have to deduct .
but you have mentioned for 10000 they have deducted Rs.2/- but actual tds u/s 194C it should be 1% Individual & HUF & 2% other than Individual & HUF . but as per your statement tds deducted to you 0.02% , if they deducted lesser amount than department issue notice for short deduction to deductor.
23 January 2016
so finally its 0.02% or 2% ?? kindly clarify it.
thnx
thnx
27 July 2025
👉 **It *is* 0.02% (which is ₹2)**.
👉 **It *is* 0.02% (which is ₹2)**.
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