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TMI BlogTax deducted at source. Rule 59X X X X Extracts X X X X X X X X Extracts X X X X ..... to time, shall, at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by any other mode, whichever is earlier, deduct tax thereon at the rate of 8[four] percent. 3[9[***] 12[Provided that the rate of deduction of tax (TDS) shall be 6% in case of sub-contractors not registered under this Act.] (1A) Any contractor responsible for making any payment or discharge of any liability to any sub-contractor, in pursuance of a contract with the sub-contractor, for value exceeding twenty thousand rupees or such amount as may, by order in writing and published in official Gazette, be notified by the Commissioner from time to time, for the transfer of property in goods (whether as goods or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opriate Government treasury by the person making such deduction 5[before the expiry of fifteen days] following the month in which such deduction is made in the manner as may be prescribed. (5) The person making such deduction under this section shall, at the time of payment or discharge, furnish to the contractor from whose bills or invoices such deduction is made, a certificate as may be prescribed in respect of the amount deducted, the rate at which it has been deducted and the details of deposit into the Government treasury. 6[(5A) If any person referred to sub-section (5) fails to furnish to the contractor the certificate of tax deduction at source within seven days of making payment or discharge; the person shall be liable to pay, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o deposit the amount so deducted, he shall be liable to pay simple interest at the annual rate to be notified by the Government on the amount deductible under this section but not so deducted, and if deducted, not so deposited from the date on which such amount was deductible to the date on which such amount is actually deposited into the appropriate Government treasury. (10) Where the amount has not been deposited after deduction such amount together with interest and penalty referred to in sub-section (8) and sub-section (9) shall be a charge upon all the assets of the person concerned and recoverable as arrears of land revenue. (11) Every person responsible for making deduction of tax under this section shall apply to the Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u undivided family, who is responsible for making payment to any dealer (hereinafter in this section referred to as "the contractor") for discharge of any liability on account of valuable consideration payable for the transfer of property in goods (whether as goods or in some other form) in pursuance of a works contract, shall at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by any other mode, whichever is earlier, deduct tax thereon at the rate of two percent". 3. Added vide Notification no. No. F. 14(5)/LA-2010/1aw1359, dated 31/12/2010 4. Inserted videNotification no. No. F. 14(5)/LA-2010/1aw1359, dated 31/12/2010 5. Substituted vide DVAT (Second Amendment) Act, 2005; No.F ..... X X X X Extracts X X X X X X X X Extracts X X X X
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