URGENT TDS QUERRY

TDS 741 views 8 replies

jigar dedhia

article assistant

24 Points Joined January 2010

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)

mustafa

student

134 Points Joined September 2008

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

Deepak Kumar

Chartered Accoountant

270 Points Joined July 2009

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%.