T.D.S. provisions
This query is : Resolved
11 October 2009
If an assessee not deducted tds while making payment but subsequently in same F.Y. ( by crossing limit say Rs 50000 u/s 194C or 120000 u/s 194I) he is required to deduct tds
my query is while deducting TDS on Subsequent payments whether he is required to deduct tds on payment made earlier or just deduct only on subsequebt payment?
my query is while deducting TDS on Subsequent payments whether he is required to deduct tds on payment made earlier or just deduct only on subsequebt payment?
11 October 2009
he is required to deduct on all earlier payments also.
11 October 2009
Deduct on all payments even on earlier payments.
12 October 2009
No, tax is to be deducted only on subsequent payments...
Pls read the provision in detail..
Pls read the provision in detail..
12 October 2009
TAX HAS TO BE DEDUCTED ON ALL PAYMENT AS SOON AS THE THRESHOLD LIMIT (RS. 50000) IS CROSSED
12 October 2009
Suppose if first 5 bills comes to Rs.40000
and 6th bill Rs.20000
TDS should be calculated for Rs.60000(40000+20000) @ 10%
It is better to deduct from all parties from 1st bill onwards in order to avoid such situation.
and 6th bill Rs.20000
TDS should be calculated for Rs.60000(40000+20000) @ 10%
It is better to deduct from all parties from 1st bill onwards in order to avoid such situation.
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12 October 2009
I agree with Mr. Kumar only in case you know that annual payment will exceed the threshold limit or INR 50,000 or 1,20,000 as the case may be.
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