Tds on contract
This query is : Resolved
13 August 2014
SIR I'M DOING AUDIT OF A FIRM IN WHICH TDS DEDUCTED ON A PARTY IS 2% AS PER CONTRACT BUT IN SOME CASES RATE DIFFERS TO 0.5%.SO HOWS IT POSSIBLE THAT ONE PARTY DEDUTES FROM 2 DIFFERENT RATES UNDER SAME SEC.
AS PER ACCOUNTANT THERE IS TDS CERTIFICATE PROVIDED BY PARTY SO ACCORDINGLY TDS @ 0.5% IS DEDUCTED.
SO PLEASE GUIDE ME ABOUT ABOVE QUERY.
AS PER ACCOUNTANT THERE IS TDS CERTIFICATE PROVIDED BY PARTY SO ACCORDINGLY TDS @ 0.5% IS DEDUCTED.
SO PLEASE GUIDE ME ABOUT ABOVE QUERY.
13 August 2014
It will b mistake and u have to reportit inqueryshtt yorca
13 August 2014
it is possible due to if vendor obtained the certificate for income tax deptt. for lower deduction rate . in which amount and rate and your name also mention.
14 August 2014
Ya sure lower tds has been deducted. Due to tds certificate but one the other transaction tds has been deducted @ 2%..my ques is how it is possible to deduct tds at two different rates however he contains tds certificate for it department.
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