TDS on PROFESSIONAL FEE

This query is : Resolved

monika (Querist)
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26 November 2008 TDS IS LEVIED @10.3% IN CASE OF A NON CO.IF AGG OF PAYMENTS ARE WITHIN RS.10,00,000 WHAT HAPPENS IF THE MAOUNT EXCEEDS RS 10,00,000? SHALL WE START DEDUCTING TDS ON THE REMAINING AMOUNT @ 11.33%?CAN TDS BE DEDUCTED AT TWO RATES ON ONE PARTY DURING A F.Y.?IS THE TREATMENT CORRECT?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 November 2008 Not on the remaining amount. Cannot deduct at two rates. In other words 11.33% on entire amount.

monika

monika (Querist)
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26 November 2008 but we have already deducted tds @ 10.3% on earlier payments made to them..so can we rectify that.we used to make payment of Rs 75000/-every month to a party.but this month we additionaly paid RS 200,000 to them.so tds now leviable is at a higher rate of 11.33% so shall the earlier payments also to be revised?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 November 2008 You can rectify the short deduction in subsequent months payments provided it should be in the same financial year.

monika

monika (Querist)
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26 November 2008 thank u sir for your guidance.my query is solved.

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