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Rate of tds under section 194c

(Querist) 26 April 2021 This query is : Resolved 
To
The Fellow experts

During the FY 2020-2021(precisely between January 2021 to March,2021) a Contractor (Say 'Mr X') provide certain service to our Company the value of which is more than Rs.3 Lakhs.

But he submitted his bill for payment in April,20, 2021(Bill date is also 20th April,2021) for the entire amount.(No payment was made to him during January 2021 to March,2021).

At what rate his TDS U/s 194C will be Charged on Mr X(Being an individual) ie .75%(For FY 2020-2021) or 1%(For FY 2021-2022)?
Regards
Abhijit Majumder

Read more at: https://www.caclubindia.com/experts/browse.asp?cat_id=3&mode=all
H.M.Patnaik (Expert) 28 April 2021
As the bill is raised after 01.04.2021, the applicable TDS rate U/s. 194C will be 1% only.


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