When the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.
The Rate Chart for the Financial Year 2011-12 i.e. Assessment Year 2012-13 is tabulated below. TDS Rates for the Financial Year 2010-11 is also same. TDS RATE CHART FINANCIAL… Read more »
A recent circular issued by the Central Board of Direct Taxes (CBDT), Circular No. 2/[ F. No. 385/25/2010-IT(B)] (new Circular) dated 27 April 2011, outlined the procedure for refund of… Read more »
Failure to deduct or remit TDS/TCS (fully or partially) Interest: Interest at the rates in force (12% p.a.) from the date on which tax was deductible /collectible to the date… Read more »