tds rates for transport agencies
This query is : Resolved
ayuta 2008
(Querist)
08 July 2008
many transport co. are paying their tds as the rate of (0.14).so plz give me some information on it .
Ravikumar.G
(Expert)
08 July 2008
As per IT, the rate applicable for contractors and sub contractors (194C) are 2% & 1 % respectively plus surcharge and cess.But the payee can apply for a lower rate of TDS also. For lower rate of deduction of tax or no deduction of tax, the payee has to file an application and get a certificate from the assessing officer and submit it to the payer.
For 194C the payee has to apply in Form 13.
For 194C the payee has to apply in Form 13.
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