Tds on Contractors

Please Provide Latest Rates on Tds on Contractors for Assessment Year 2021 - 2022 with Surcharge
Replies (5)
Quick Summary
This discussion clarifies the Tax Deducted at Source (TDS) rates applicable to contractors for the Assessment Year 2021-2022. It confirms that TDS rates were reduced by 25% from 14th May 2020 until 31st March 2021. The reduced rates are 0.75% for individuals/HUFs and 1.5% for others, with specific thresholds for single contracts exceeding £30,000 or total payments to one person exceeding £100,000 in a financial year triggering deduction liability.

For Individual/Huf -1%
other -2%
Single contract- more than 30000/-
For One person in FY more than 100000-
then liablity will rise for deduction
Tds rate is reduced by 25% is it correct
Yes.... from 14th May-20 the rates reduced...
*1 - 0.75
*2 - 1.5
*10 - 7.5
For individual 0.75% and for company 1.5%

The reduced rate of 25% of the existing rate shall be applicable till 31st March 2021.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register