TDS rate
This query is : Resolved
10 October 2009
Dear sir
We have received One bill from sub contractor and they are service provider
and Bill for the month of Aug-09
Please tell me in these bill we have
deduct tax as per new Rate which is applicable from 1 oct 09 or Old rate
If it is New rate than plese tell me on 7150/- how much tds deducted as per new rate
Plesae treted mater as most urgent.
We have received One bill from sub contractor and they are service provider
and Bill for the month of Aug-09
Please tell me in these bill we have
deduct tax as per new Rate which is applicable from 1 oct 09 or Old rate
If it is New rate than plese tell me on 7150/- how much tds deducted as per new rate
Plesae treted mater as most urgent.
10 October 2009
Period of service or bill date is not considered for TDS deduction.
The date of credit or payment whichever is considered. Please decide which rate is applicable to you.
The concept of sub-contract is not relevant w.e.f. 01-10-09. The rates are same for contractor and sub contractor.
W.e.f. 01-10-09 rate depend on the assessable status of the deductee. If Indivisual/HUF rate is 1%, Else 2%.
The date of credit or payment whichever is considered. Please decide which rate is applicable to you.
The concept of sub-contract is not relevant w.e.f. 01-10-09. The rates are same for contractor and sub contractor.
W.e.f. 01-10-09 rate depend on the assessable status of the deductee. If Indivisual/HUF rate is 1%, Else 2%.
10 October 2009
Mr. Jignesh,
As per IT act 1962, TDS should be deducted on the dateof booking such expenses or paid advance for such expenses whichever earlier and the rules applicable on the date will be aapplicable to dedct tax at source so go throuth the rules as on the date of booking expenses or advance for such expenses and deduct TDS as applicable on that date.
As per IT act 1962, TDS should be deducted on the dateof booking such expenses or paid advance for such expenses whichever earlier and the rules applicable on the date will be aapplicable to dedct tax at source so go throuth the rules as on the date of booking expenses or advance for such expenses and deduct TDS as applicable on that date.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
