Tds

Querist : Anonymous (Querist) 12 August 2011 This query is : Resolved
A person with whom a MOU signed by a Social welfare dept; to carryout, coordinate,complete a TEle Film for which he was paid Rs.35 Lakhs. If TDS applies, then under what section and at what rate.
Total production cost of the film is Rs.35 lakhs given to the person and he himself arranges and manages all the things including the artists to take the Film.

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Sadashiv Rupchand Gaikwad (Expert) 17 September 2011
If the deductor having below taxable turnover,Individual, HUF there is no need to deduct tax.If your turnover is under tax audit, you must deduct while making payment to payee.It applies u/s194c, contract payment.The rate of TDS is 1% to Individual or HUF, in other case 2% TDS is to be done on Gross amount.eTDS is most important for getting credit to the deductee.

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