Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2012 Case:
Payment made to Contractors and subcontractors.
Suppose the billing is as follows

1 5-4-2012 rs 7500
2 25-4-2012 12500
3 5-5-2012 16500
4 6-8-2012 35000
Now i have to deduct tds only on last bill 35000 or all the bills.
Suppose there are no furthure transaction.

Fast reply
Thanks

CA Mahesh Vekariya

CA Mahesh Vekariya (Expert)
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21 April 2012 AS PER SECTION 194C .....

LIMIT FOR TAX DEDUCTION SHALL RS. 30000/- FOR SINGLE PAYMENT AND RS. 75000/- IN AGGREGATE .

HERE YOUR AGGREGATE PAYMENT IS BELOW RS. 75000/- BUT LAST BILL CROSS THELIMIT I.E. RS. 30000/- .

HENCE YOU HAVE TO DEDUCT TDS ONLY ON RS. 35000/-

ONE MORE THING KEEP IN MIND IF CONTRACTOR IS INDIVIDUAL OR HUF THAN 1 % OTHERWISE IT IS A 2 %.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2012 YES SIR.THANKS
AGREE

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