Kindly advise that We have not deducted TDS of a vendor in the previous payment (bill) because payment amount have not cross limit.
Example :-
X vendor (Contractor 194-C) raise a bill of Amount 27,077/- on 15.08.13 but not deducted thats time and nor booked in return after that second invoice raise 26,218/- on 15.11.13.
03 December 2013
Single Bill limit is 30000/-. . Aggregate Bills limit is 75000/-. . If you add the amount of the 2 bills it's below 75000. . You are not required to deduct TDS. . You have to report the 0 TDS amount transactions in E-TDS return as showing the same as below threshold limit. . You can deduct the TDS when the Aggregate Bill amount crosses Rs 75000/-. . At that time you have to deduct TDS on all the bills including those paid earlier in the same financial year. .
CAclubindia
