TDS rates have changed w.e.f 1.6.2007 for certain sections. Our clients wants to change the rates with a certain validity dates. There are certain bills to be processed yet for dates before the validity dates of the new tax rates. Is it advisable to change the rates in existing taxe codes or should we create new tax codes for the new rates. Pls advise
Please create new TDS codes for the new rates. Never change the existing TDS codes. If you change the existing TDS code report will not be fine. Also TDS calculation will get changed based on the updated rates in the existing TDS code.
I am 100% sure, please create new TDS code for the changed rates.
If you convinced please assign points for the same.
Thanks & Best Regards,