Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2013 Sir i have following query.:
Say if payment made to contractor is as follows:
Ist payment 10000
2nd payment 30000
3rd payment 10000
Nw it is confirmed dat on 2nd payment tds will be deducted.. But since total payment during the year doesnot exceed 75000, thn wud tds be deducted on 3rd payment??
Looking forward to the reply asap...

Guest

Guest (Expert)

17 May 2013 if payment exceeds Rs 30000 only then tds will be deducted not on Rs 30000,

and in a year also sum does not exceed Rs 75000 hence no liability of deducting Tds