TDS Payment % on Proprietor/Firm/Individual


This query is : Resolved 

Quick Summary
This discussion clarifies the TDS payment percentages applicable to proprietorships, firms, and individuals following recent rate changes. It confirms that proprietorships are generally treated as individuals for TDS purposes, potentially leading to a 1.5% TDS rate instead of the standard 2%. The conversation also touches on accounting for expenses related to customer giveaways, suggesting they be classified under sales promotion.

03 June 2020 Hi,

Can anybody help me on this.

As we know the TDS rates from 14-5-2020 is been changed. So I want to know the PAN status Proprietorship/Firm also considered as Individual or other than individual/ HUF and TDS will be 1.5 instead 2%.

03 June 2020 Proprietorship firm will be considered as individual and 0.75% TDS applicable.

03 June 2020 Thank you Sir.......!

03 June 2020 You are welcome.........

03 June 2020 Sir,

could you please help me on the below query :

We have a retails business, and we purchased 1000 plants to distribute our customers on world environment day. So the cost whatever we incurred must be accounted under which head..?

03 June 2020 Account it under sales promotion expenses.

03 June 2020 Ok Thank you........!


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