Tds
This query is : Open
13 January 2014
Can any 1 Explain me the concept of threshold limit of TDS. for eg. the TDS on commission is required to be deducted if payment exceeds Rs 5000 p.a that means no TDS is required to be deducted till the first payment of Rs. 5000/- and than we need start deduct the same.
Please please explain the above ..to remove my doubt
Please please explain the above ..to remove my doubt
13 January 2014
Yes deven it is correct.
The TDS shall not be deducted unless there is a probability that the amount paid / to be paid is likley to exceeed threshold limit.
The TDS shall not be deducted unless there is a probability that the amount paid / to be paid is likley to exceeed threshold limit.
13 January 2014
Rohit 1 more doubt..if the 1st payment is of Rs. 10000/- than TDS is required to be deducted on full value of 10,000/- or only the bal. i.e 5000/- (10000-5000).
13 January 2014
The TDs is required to be deducted on the amount paid or credited
13 January 2014
Okay that means 5000 is not like our Basic exemption limit of Income Tax.
Thanks Swasti & Rohit
Thanks Swasti & Rohit
13 January 2014
can any 1 guied me regarding the accounting treatment of Works contract.
Actually the thing is we have done the interior work in our office of Rs. 7,00,000/- in last month where should i debit this exp. in my books of accounts.
Actually the thing is we have done the interior work in our office of Rs. 7,00,000/- in last month where should i debit this exp. in my books of accounts.
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