Tds cut off amount doubt
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2012
Request you to clarify on TDS :-
Want to Know as how TDS has to be Deducted for 194H.(Cut off Amt Rs 5000/-)
I Have 3 transaction in a Year :
1st ----For Rs1300/-
2nd----For Rs1100/-
3rd---For Rs 2800/-
I understand that we need to deduct 10% on 2800/- as for this transaction only as it exceeds 5000 at this point.
Confirm me if i am correct.
Want to Know as how TDS has to be Deducted for 194H.(Cut off Amt Rs 5000/-)
I Have 3 transaction in a Year :
1st ----For Rs1300/-
2nd----For Rs1100/-
3rd---For Rs 2800/-
I understand that we need to deduct 10% on 2800/- as for this transaction only as it exceeds 5000 at this point.
Confirm me if i am correct.
31 July 2012
TDS is to be deduct @ 10 on whole amount paid / payable to vendor (1300 + 1100 + 2800)
Deduct Rs 520 from his last invoice or Rs 2800/-
In short
Total amount paid / payable - 5200
TDS @10% u/s 194H 520
But now you have a bill of amount 2800. hence you have to deduct Rs 520 from Rs 2800.
Deduct Rs 520 from his last invoice or Rs 2800/-
In short
Total amount paid / payable - 5200
TDS @10% u/s 194H 520
But now you have a bill of amount 2800. hence you have to deduct Rs 520 from Rs 2800.
31 July 2012
TDS is required to be deducted on the total amount if the amount during the year exceeds the cut-off limit.
In this case, at the time of booking Rs. 2,800, the total amount exceeds Rs. 5,000.
So, TDS will be deducted on Rs. 5,200.
In this case, at the time of booking Rs. 2,800, the total amount exceeds Rs. 5,000.
So, TDS will be deducted on Rs. 5,200.
22 September 2012
Agreed with Mohit And siddharth
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