Tds %??
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2016
Pvt ltd co paid 10000/- to NPC staff club for making advertisements in their magazine.is it tds should be deducted? how much % ?
26 March 2016
DEAR
SECTION 194C IS APPLICABLE BUT AS THE AMOUNT IS BELOW THE THRESHOLD LIMIT NO REQUIREMENT TO DEDUCT TDS.
THRESHOLD LIMIT
Rs. 30,000 per single contract or Rs. 75,000 in aggregate during the Finance Year
SECTION 194C IS APPLICABLE BUT AS THE AMOUNT IS BELOW THE THRESHOLD LIMIT NO REQUIREMENT TO DEDUCT TDS.
THRESHOLD LIMIT
Rs. 30,000 per single contract or Rs. 75,000 in aggregate during the Finance Year
26 March 2016
Provisions of section 194C would apply in relation to payments made to persons who arrange advertisement, broadcasting, telecasting, etc.
Threshold
Single Transaction = 30,000, Aggregate during FY = 75,000
Company, Firm, Co-op Soc., Local Authority = 2% Individual, HUF = 1%
If No PAN OR Invalid PAN = 20%
In you case payment made is only Rs. 10000/-, so no TDS is required to be deducted. However if payment exceeds Rs. 75000/- during the FY, TDS will be deducted on whole amount.
Threshold
Single Transaction = 30,000, Aggregate during FY = 75,000
Company, Firm, Co-op Soc., Local Authority = 2% Individual, HUF = 1%
If No PAN OR Invalid PAN = 20%
In you case payment made is only Rs. 10000/-, so no TDS is required to be deducted. However if payment exceeds Rs. 75000/- during the FY, TDS will be deducted on whole amount.
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
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- 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
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
