Which is the correct way to judge whether surcharge in tds is applicable or not.?
1) income of the payee ( as per his profit loss account ) exceeds rs 10 lakhs or 1 crore as the case may be. OR
2) payment from the deductor to the individual / corporate exceeds 10 lakhs / 1 crore during the entire year.
One may not know before hand about the total amount of transactions at the end of the year..so one should deduct full rate of tds including surcharge or have a look in the profit and loss account of the payee and then decide .
is checking of profit and loss account the correct base or does it depends upon transaction between the deductor and payee only.
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