Tds on job charges
This query is : Resolved
11 November 2014
I Have a Firm Named A and Purchasing Raw Material From Other Party, and Giving it to the XYZ and XYZ Giving to Me (A)Finished Goods. How would be tds and other invoicing process. please help me on this.
Thanks & Regards
Arif Sheikh
Thanks & Regards
Arif Sheikh
11 November 2014
TDS to be deducted
194C. (1) Any person responsible for paying any sum to any resident for carrying out any work in pursuance of a contract between the contractor and a specified person shall, at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to—
(i) one per cent where the payment is being made or credit is being given to an individual or a Hindu undivided family;
(ii) two per cent where the payment is being made or credit is being given to a person other than an individual or a Hindu undivided family,
194C. (1) Any person responsible for paying any sum to any resident for carrying out any work in pursuance of a contract between the contractor and a specified person shall, at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to—
(i) one per cent where the payment is being made or credit is being given to an individual or a Hindu undivided family;
(ii) two per cent where the payment is being made or credit is being given to a person other than an individual or a Hindu undivided family,
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