Deduction of tds

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Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2011 What is the minimum amount for deducting TDS on Freight

CA Chitresh Gupta

CA Chitresh Gupta (Expert)
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08 October 2011 No deduction shall be made from the amount of any sum credited or paid or likely to be credited or paid to the account of, or to, the contractor, if such sum does not exceed thirty thousand rupees :

Provided that where the aggregate of the amounts of such sums credited or paid or likely to be credited or paid during the financial year exceeds seventy-five thousand rupees, the person responsible for paying such sums referred to in sub-section (1) shall be liable to deduct income-tax under this section.

Hope this clarifies the matter.

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Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2011 thanks, can we pay Rs. Thirty Thousand in one Single payment

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