Can we deduct TDS u/s 194IA by consolidating some advance payments which totals less then 50 lakh? For eg.- Ram paid Rs. 10 lakh in April, Rs. 10 lakh in May, RS. 25 lakh in June and 7 lakh in July (Totals to Rs. 52 lakh). So in this example can we deduct and pay TDS in July as amount is crossing 50 lakh (threshold) in July or we have to mandatorly pay TDS with each installment?
09 September 2019
As per Section 194IA, TDS is to be deducted at the time of payment. ... Therefore, irrespective of the date of transfer, the TDS is required to be deducted at the time of payment. So even if advance payment is being made, TDS would be required to be deducted in each advance payment.
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