TDS on PROFESSIONAL FEE

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This query is : Resolved

monika (Querist)

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)

26 November 2008 Not on the remaining amount. Cannot deduct at two rates. In other words 11.33% on entire amount.

monika

monika (Querist)

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)

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)

26 November 2008 thank u sir for your guidance.my query is solved.

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