TDS RATE CHANGE FROM 14.05.2020
This query is : Resolved
21 May 2020
Dear All
As announced by Honble Finance Minister, the TDS rate has been change by 25% on various sections like 194 C and 194J. Please confirm whether the deduction is applicable with respect of Invoice date or Payment date. Some clients have booked Invoice before 14.05.2020 and when payment is given after 14.05.2020 are still deducting 2% (194C).
Please help to get a clarity. Thank you in advance.
As announced by Honble Finance Minister, the TDS rate has been change by 25% on various sections like 194 C and 194J. Please confirm whether the deduction is applicable with respect of Invoice date or Payment date. Some clients have booked Invoice before 14.05.2020 and when payment is given after 14.05.2020 are still deducting 2% (194C).
Please help to get a clarity. Thank you in advance.
21 May 2020
Deduction is applicable with respect to payment date in this case. New TDS rate applicable for all payments made after 14th.
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22 May 2020
New amended provisions are applicable for all sums credited or paid after date of amendment.
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