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URGENT TDS QUERRY
DEAR FRIENDS,
I WANT TO KNOW THAT AT WHAT RATE TDS TO BE DEDUCTE IN THE FOLLOWING CASE :-
IF AN ASSESSEE HAS PAID RS.60000/- AS RENT FOR HIRING THE EQUIPMENTS.
FOR THE PERIOD FROM 01-04-2009 TO 30-09-2009 NO TDS HAS BEEN DEDUCTED AS IT DOES NOT CROSSES THE LIMIT OF RS.120000/- AS SPECIFIED U/S 194I.
DURING THE QUARTER 01-10-2009 TO 31-12-2009 RENT EXCEEDS THE LIMIT OF RS.120000/-.
AT WHAT RATE TDS TO BE PAID ON RS.60000/- FOR THE 1ST & 2ND QUARTER AND HOW THE RETURN TO BE FILED.
IS THE RETURN TO BE REVISED OF THE EARLIER QUARTERS OR TO BE FILED WHEN THE LIMIT IS CROSSED
PLEASE HELP ME FOR SOLVING THIS QUEERY.
PLEASE MAIL ME YOUR VIEWS AT :-
bharat_doshi @ vsnl.net
jigardedhia27 @ gmail.com
Replies (8)
in ur case limit exceeded in 3rd qtr
therefore the rates applicable for that qtr will hav to be applied
for whole of the payment from 1st april
liabilities to deduct tds is create at the time of payment or credit which ever is earliar & Tds rate will be applicable of the above date. In your case you have paid/Credit Rs. 60000/ from 1 april to sep 30. so rate will be applicable of 10% for this amount. & The amount which will be paid/credit from 1-oct -09 to 31 mar 10 rate will be applicable 2%.
Hi Friends
Is there any time limit for filing Revised TDS Return
basically revised return is filed for correcting something wrong,so no time limit for it applicable.
i agree with Ritesh. No time limit is there for filing tds return
now instead of revised return a correction statement is to be filed and there is no time limit specified for it
Dear All
My company is paying Subscripttion fees out side of India wheather such subcription fees attract any TDS
Dear Friend
According to me Subscripttion fees payable in India as well as outside india is not liable to TDS
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