what is tds and what is what is the current rate of tds on
payment of contract and payment of professional charges
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Answer Posted / nutan gonehalli
TDS - Tax Deducted at Source. The Tax is deducted from one
receipt if the income of the rceiver is more than that
prescribed by the Income tax act.
The TDS rate for Contract - 2% & For sub - Contracting is 1
% . advertisement Contract - 1%
if the contract value donot exceeds rs. 50000/- for the year
& single payment donot excceds Rs. 20000/-. In that case
deduction of TDS is not liable.
Professional - 10%
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