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raunak-churiwala
Level 1
posted
‎May 29, 2021 02:44 AM
last updated ‎May 29, 2021 2:44 AM

TDS RATE AS PER SECTION 194C IS INCOORECT IN THE QUICKBOOK SYSTEM. IT SHOULD HAVE BEEN 1 % INSTEAD OF 1.5% IN THE SYSTEM

 
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1 Comment 1
JessT
Moderator
Moderator
‎May 29, 2021 05:23 AM

TDS RATE AS PER SECTION 194C IS INCOORECT IN THE QUICKBOOK SYSTEM. IT SHOULD HAVE BEEN 1 % INSTEAD OF 1.5% IN THE SYSTEM

Hello raunak-churiwala!

 

Welcome, and thanks for posting about the TDS rate. I'm happy to share information about it.

 

The rate depends on the entity and section you choose. The 1% rate only applies to the Resident Individual/HUF entity and 194C(1) - Contractors section. Please refer to the article about setting up TDS. Then, find the table of rates in this section: How the TDS is calculated in QuickBooks Online? What is the threshold?

 

You can check and update the TDS setting of the supplier in concern. However, if it originally has the correct setup, please contact our QBO Support Team. They can use a screen-sharing tool to check this issue further.

 

I'm just a comment away if you have additional questions about this. Have a good day!

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