Doubt regarding TDS on Contract 194C
This query is : Resolved
07 May 2010
hello friends,
for current financial year 2010-11 i am making a payment of Rs. 8000 to a contractor and i hope that total payment for year will exceed the exemption limit.
I want to know whether i have to deduct TDS on this amount 8000 or i have to deduct TDS on amount when it cross the exemption limit.
for current financial year 2010-11 i am making a payment of Rs. 8000 to a contractor and i hope that total payment for year will exceed the exemption limit.
I want to know whether i have to deduct TDS on this amount 8000 or i have to deduct TDS on amount when it cross the exemption limit.
07 May 2010
If you are sure the amount will increase the thershold limit, better starts deduct now itself otherwise the tds burden will high for the contractor later
07 May 2010
agreed with Mr. Ramesh.
07 May 2010
YOU CAN DEDUCT TDS ON THIS AMOUND OF RS 8000/-. IT IS NOT MANDATORY TO DEDUCT TDS ON CROSSING THRESHOLD LIMIT. YOU CAN ALSO DEDUCT TDS AFTER CROSSING THE THRESHOLD LIMIT.
17 May 2010
The application of provision of section 194C are triggered at the point when it is first noticed that the payment to a particular contractor will or likely to be more then the minimum thresh hold limit for withholding the tax i.e. 75K in this case. So you need to withhold tax from the first payment itself in your case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
