Below is my query for a Government Institution registered as a Society getting funds from Central Government & External Agencies & the funds are transferred to Gram Panchayats.
1. Tds is required to be deducted on what kind of supplies. Does it include regular purchases or contractual supplies or both? 2.If a contract has been done with a professional to provide services for a particular period of time for which he raises monthly bills, will the amount of total contract be considered or the amount of monthly bill be considered for the purpose of threshold of Rs 2,50,000.
3.What about registration of Gram Panchayats? as they come under the category of Local Authority.
13 October 2017
TDS is required to be deducted for both regular & contractual supplies. In case of professional, the individual bill should not exceed INR 30000 and consolidated for year should not exceed INR 250000 both conditions should be satisfied. Gram panchayat falls under category of local authority
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