Limit of TDS
This query is : Resolved
02 April 2008
hi all,
My query is if i have a contract with any contractor but sum of that contract doesn't fall into TDS deduction limit.
hence TDS not deducted upto previous invoice.but now contract has been amended and payable sum to this contract attract TDS as per rule.
now my question is that should i deduct TDS on whole amount billed till date.
and if i deduct TDS by considering all previous bills, will this attract interest?
pl suggest ASAP.
My query is if i have a contract with any contractor but sum of that contract doesn't fall into TDS deduction limit.
hence TDS not deducted upto previous invoice.but now contract has been amended and payable sum to this contract attract TDS as per rule.
now my question is that should i deduct TDS on whole amount billed till date.
and if i deduct TDS by considering all previous bills, will this attract interest?
pl suggest ASAP.
02 April 2008
TDS will attract on 2 basis namely:-
(a)If one bill amounts to 20,000
OR
(b)IF aggregate of bills amounts to 50,000.
Hence according to ur question u should deduct TDS from the start as the aggregate value of bills have crossed 50,00 hance TDS should be deducted @ 2.266%.
(a)If one bill amounts to 20,000
OR
(b)IF aggregate of bills amounts to 50,000.
Hence according to ur question u should deduct TDS from the start as the aggregate value of bills have crossed 50,00 hance TDS should be deducted @ 2.266%.
04 April 2008
but in above case is there any interest liability when we diposit TDS into Govt. treasury. as TDS applicability ariseing after ammendment in contract.
10 April 2008
There is no interest liability for the previous contracts.
If we deposit in Government Agency then sec194 C wont apply
If we deposit in Government Agency then sec194 C wont apply
06 November 2008
Interest is applicable if the amount on which you have not deducted tds was more then 50000
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Darpan registration
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
