Urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 June 2013
Dear Sir,
In case of individual contractor's payment, tds should be deducted at 1%, however deductor is deducting at 2.27%.
Whether there is penalty for deducting at higher rate, though it is being done by deductor in govt. revenue interest.
Please clarify .
In case of individual contractor's payment, tds should be deducted at 1%, however deductor is deducting at 2.27%.
Whether there is penalty for deducting at higher rate, though it is being done by deductor in govt. revenue interest.
Please clarify .
CA PARAS BAFNA
(Expert)
25 June 2013
In case the deductor deposits with the Govt. the amount so deducted, he will not be penalised.
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