Menu
TDS deduct problem
If it is covered under 194Q then different % is applicable
Give details of services for Your query...
It depends on the payee:
• Under Sec 194C, the rate depends on the payee: 1% if the payee is an individual or HUF, 2% if the payee is any other person (company, firm, LLP). If you (an individual) are paying a company (dealer), deduct 2%. Your own status doesn't decide the rate.
• If you're an individual, you're required to deduct under 194C only if your business turnover exceeded Rs 1 crore in the preceding year (or under 194M for personal payments above Rs 50 lakh).
• For purchase of goods from a dealer, 194C doesn't apply (it's for contracts of work). 194Q applies only if your turnover exceeds Rs 10 crore.
It depends on the payee:
• Under Sec 194C, the rate depends on the payee: 1% if the payee is an individual or HUF, 2% if the payee is any other person (company, firm, LLP). If you (an individual) are paying a company (dealer), deduct 2%. Your own status doesn't decide the rate.
• If you're an individual, you're required to deduct under 194C only if your business turnover exceeded Rs 1 crore in the preceding year (or under 194M for personal payments above Rs 50 lakh).
• For purchase of goods from a dealer, 194C doesn't apply (it's for contracts of work). 194Q applies only if your turnover exceeds Rs 10 crore.
Recent Topics :
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
- Claiming business re-imbursements while filing GST
- E-waybill 14 Digit Numbring
- Non filing of MGT-14 for MD appointment
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
Related Topics :
CAclubindia
