RE: My query is related to TDS
I am constructing a building in collaboration with XYZ. The land on which the construction will take place is mine. As security i am paying him a sum of a certain amount. This is non refundable. I want to know if TDS will be deducted on such amount.
Are you giving constriction contract if yes TDS will applicable @1% if he is individual & 2% if the entity is other than Individual. Again TDS will depend upon your status as Individual who need gets his book audited. Kindly consult your accountant and act further.