Please help to solve the problem, We have given cont.to Mr X for 11 months for Machines overhauling ( labour charges only) from Dec'13 to Oct' 14 @ 7000/- per month
Monthly he has raised Bill & we had paid monthly full amount , no TDS , FY 13-14 - 7000 x 4 = 28000/- FY 14-15 7000x 7 = 49000/-
Whether TDS is applicable ?,IF yes please provide any reference Judgement Total Contract Value Rs 77000/- but not for any particular year.
29 December 2014
No. TDS not required to be deducted since annual threshold limit of Rs 75000/- has not been crossed in any year. So in both years TDS deduction not required u/s 194C.
31 December 2014
No. TDS not required to be deducted since Rs 30000/- limit is for single bill and total payment during the year is also below Rs 75000/- threshold limit.
CAclubindia
