If suppose Mr. X is a contractor working for Mr. Z. Following charges were billed by Mr. X to Mr. Z for the F Y 2012-13... April Rs. 20000 June Rs. 15000 July Rs. 10000 September Rs. 15000 January Rs. 15000 March Rs. 5000
15 January 2014
If mr.x is individual or huf tds at the rate 1 percent on all bills..as it exceeds threshold limit under 194C....75000
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Querist :
Anonymous
Querist :
Anonymous
(Querist)
15 January 2014
Dear Sir, Mr. X is an Individual. Mr. Z has paid all the amount of the bills except for the last bill of Rs. 5000 and he has not deducted TDS as he was not sure the threshold limit of Rs. 75000 will exceed... The bills were made & paid at the respective months... Now how will Mr. Z deal with this situation... Its a practical situation... Show me how to calculate TDS in this situation...
15 January 2014
tds applicable only @ 1% for indivuduals . . which will be 15 on 80000==800 . . so while making payment for 5000 reduce this tds amount and pay the balance to party
Querist :
Anonymous
Querist :
Anonymous
(Querist)
15 January 2014
Dear Sir,
If suppose the last bill is of Rs. 500, then what should be done...
15 January 2014
then tds is on 1% on 75500 .. . tds is =755 . . so adjust that 500 bill against tds and balance 255 debit party account and pay tds from your pocket . . as party account shows debit balance u either collect this amount from party or can adjust in his next bills