Tds on contractor / sub contractor
This query is : Resolved
07 June 2014
We have a contractor who is a proprietor of a co. name xyz. How much % TDS we should deduct while making the payment??? (1% OR 2%)
Rupesh Jain
(Expert)
07 June 2014
r/sir
tds rate will applicable as status of payee not the payer.
if you pay the amount to company/ partnership firm the tds @ 2% and for individual and HUF rate will 1% u/s 194C.
if you pay exceed single bill of rs. 30000/- and in year Rs. 75000/-
tds rate will applicable as status of payee not the payer.
if you pay the amount to company/ partnership firm the tds @ 2% and for individual and HUF rate will 1% u/s 194C.
if you pay exceed single bill of rs. 30000/- and in year Rs. 75000/-
Nikhil Kaushik
(Expert)
07 June 2014
you need to deduct 1%.......
07 June 2014
as per sec 194C u need to deduct 1 %
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