TDS on Contract. Advice needed...
This query is : Resolved
24 June 2010
Dear Experts,
In the audit I have found that a payment has been made to a contractor (cheque) in his own name for some construction work . He has given the bill in the name of a company which is run by him. What is the TDS to be deducted ...2% or 1% ?
Please help
In the audit I have found that a payment has been made to a contractor (cheque) in his own name for some construction work . He has given the bill in the name of a company which is run by him. What is the TDS to be deducted ...2% or 1% ?
Please help
24 June 2010
First thing while you do vouching is to see the name of the payee and match it with the invoice.
When you find they are not same, ask further evidence and supportings for the voucher as to get sure about the payment is made to the person intended.
When A bill is raised by a Company and payment made to an Individual ( not in favour of Company) you should see that the TDS is deducted as per the Bill i'e Company status only.
Keep this in your Audit note.
When you find they are not same, ask further evidence and supportings for the voucher as to get sure about the payment is made to the person intended.
When A bill is raised by a Company and payment made to an Individual ( not in favour of Company) you should see that the TDS is deducted as per the Bill i'e Company status only.
Keep this in your Audit note.
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