TDS Rate

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This discussion clarifies the applicable TDS rate for a contractor's bill raised on March 1st, 2020, and accounted for in May 2020. The consensus is that the TDS rate depends on the payment date. If payment is made after May 16th, 2020, the TDS rate would be 1.5%. However, since the bill was raised in March, the TDS applicable under Section 194C is 2%.

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(Querist)
16 May 2020 Dear Experts,

Contractor ( company) Bill raised in 1st March'2020, and we accounted the same in May'16 2020. How much TDS will attract 2 % or 1.5 % . Plz confirm
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 May 2020 1.50% TDS applicable if payment is made on or after 16th May.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
16 May 2020 Since bill raised in March tds applicable 2% u/s 194C
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