Deduction of TDS

This query is : Resolved

Accounts (Querist)
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24 January 2008 Can we deduct TDS from first bill of the
party is their any limitations or slab for deducting TDS, reply soon , thank you.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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25 January 2008 you can deduct TDS from the first bill of the party, if you are satisfied that payments to them will be beyond 'no liability to TDS'limit. The limits, rates and conditions vary depending upon the nature of payment.

R.V.RAO

R.V.RAO (Expert)
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25 January 2008 YES FROM FIRST BILL YOU MAY DEDUCT TDS.
EVEN IF YOU PAY ADVANCE TO A CONTRACTOR ,TDS IS LIABLE TO BE DEDUCTED.
NO SLAB SYSTEM FOR TDS .
R.V.RAO

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Devendra Mishra

Devendra Mishra (Expert)
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25 January 2008 If the liability for TDS exists you can deduct.

prakash

prakash (Expert)
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25 January 2008 TDS will be deducted from the first bill onwards or from the payment of advance without any slab rates.If you are satisfied that the amount is not exceeded the certain prescribed limit there is no need to deduct TDS.