Tds on contracts

This query is : Open

Bala. (Querist)
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05 February 2013 kindly guide me reg: TDS on contract,
what is the tds limitation for contract business,

Example:

my collegue made a contract for poultry business, his annual turnover is 11 lakhs, that company collect 2% in last month but collect 10% of TDS from this month on wards why? & he not run no other business, in what way he will return back the TDS amount.

Deepak Agrawal

Deepak Agrawal (Expert)
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05 February 2013 This is taxable @ 2% only. That Company should not pay tax @ 10% to Govt. but should pay only 2% and excess TDS deducted (8%) should be refunded back to your friend.

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