Tds
Querist : Anonymous
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
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
AGREE
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