TDS

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  1. I MADE A PAYMENT TO A CONTRACTOR IN THE YEAR 1-4-15 TO 31-3-16 . I DID NOT DEDUCT TDS FROM HIS PAYMENT FOR WHOLE YEAR. AT WHAT RATE SHALL I DEPOSIT TDS NOW
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    If your contractor is individual or HUF,then deduct TDS @ 2%.
    otherwise deduct TDS @ 1%.
    Also you have to pay interest for late deduction U/s 201(1)
     
  3. Avinash_Garg

    Avinash_Garg New Member

    Dear Mr. Tajesh,

    I want to correct you that if the provider is Individual or HUF then TDS will be deducted @ 1% and 2% in other case ( except Individual or HUF ) and interest on late deduction is also applicable accordingly.

    Refer Sec 194c.
     
    sai tejesh(ca.final) likes this.
  4. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    Yes avinash.
    its my mistake in posting the reply without much concentration..
    Thank You so much for correcting me.:)
     
    Last edited: May 10, 2016
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