TDS DEDUCTION

[SURYAKANT MITHBAVKAR]

If we have not covered under audit still we have to deduct TDS on payment made to our contractor.

[DR.MARIAPPAN GOVINDARAJAN]

TDS is mandatory.

[Ganeshan Kalyani]

Yes, TDS deducted at your end is a credit to the deductee. TDS is a mechanism for collection of tax in advance to use a working capital by the Government.

[Nash Industries I Pvt Ltd]

TDS is attracted.

Regards

S.Ramaswamy

AI Summary

TDS deduction is mandatory on contractor payments even if audit not applicable and provides tax credit to the deductee. Payments to contractors attract TDS even where the payer is not under audit; deduction at source is mandatory on such payments and must be remitted per statutory procedure. Tax deducted functions as an advance collection and is available as a credit to the deductee against their tax liability, subject to compliance and documentation requirements.