Dear Friends,
Recently Govt has reduced the TDS rates due to COVID 19. But, I deducted and paid old rates;
2% for Contractors, 10% for Rent & Professional Fees, 5% u/s 194LC. Now, how do I manage this?
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TDS Deducted On Regular Rates
Replies (5)
The notified rates will be from 14.05.2020.
Hi Mohanraj,
Yes. Govt has reduced the TDS rates from 14th May, 2020 to 31st March, 2021.
You can adjust the excess TDS against next transaction made to a particular deductee.
Also it is important to note that TDS rates has been reduced for payment made to resident, So 194LC is out of picture. Since it is payment made to non resident. So reduced TDS rates will not applicable for 194LC
Yes. Govt has reduced the TDS rates from 14th May, 2020 to 31st March, 2021.
You can adjust the excess TDS against next transaction made to a particular deductee.
Also it is important to note that TDS rates has been reduced for payment made to resident, So 194LC is out of picture. Since it is payment made to non resident. So reduced TDS rates will not applicable for 194LC
Could you please share me new applicable rates
25% reduction
Say if it is 10% existing then 25% of it is 2.5 so the new rate is 10-2.5= 7.50
Say if it is 10% existing then 25% of it is 2.5 so the new rate is 10-2.5= 7.50
Hi, anyone can share me the offline utility tools for TDS quarterly Returns. mohanraj_vkj @ yahoo.co.in
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