TDS on Contractors Bill

This query is : Resolved

Prashant (Querist)
Follow

05 May 2010 Hi...

I would like know what is maximum amount of any contractors bill on which TDS u/s 194 C should be deducted.

If i am not mistaken, is it annual > Rs.20000/- or agreegate bill amount < 50000/-

Please revert

Prashant

Shyam Lal Naik

Shyam Lal Naik (Expert)
Follow

05 May 2010 TDS applicable if :

Single Transaction > 20 K and / or
Annual Transaction > 50 K

From 01/07/2010, the limits are : 30 K and 75 K respectively.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

05 May 2010 Agreed with expert's view.
If you received any single bill of amount exceeding Rs.20000/ then tds is to deducthed on that invoice, if bills are less than 20000/then we check consolidated amount for a year Rs.50000/-

Upgrade to CAclubindia Pro. Subscribe Now!