TDS on MSME Firm providing Renting and leasing of machinery, equipment
This query is : Resolved
Francis George
(Querist)
04 October 2023
Hello, Could anyone please help me on the below query
We receive a service of Renting and leasing of machinery, equipment from a partnership firm tothis service the firm charges Hiring Charges & issued one bill on July amounting Rs. 249958/-(Basic amount-211829/-) to which TDS was not deducted.
Now the party has registered as a MSME & provided Udyam Certificate registered on 16.09.2023.
Should we deduct TDS in there upcoming bills?
We receive a service of Renting and leasing of machinery, equipment from a partnership firm tothis service the firm charges Hiring Charges & issued one bill on July amounting Rs. 249958/-(Basic amount-211829/-) to which TDS was not deducted.
Now the party has registered as a MSME & provided Udyam Certificate registered on 16.09.2023.
Should we deduct TDS in there upcoming bills?
CA R SEETHARAMAN
(Expert)
05 October 2023
Yes deduct TDS at 2% on the upcoming bill.
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