TDS

This query is : Resolved 

18 May 2009 Dear all,
Payment made to single party but 2 different contracts(for one 35,000 (per year) & for other one 45,000)
whether TDS to be deducted or not u/s.194C?
(separate contracts does not exceeds the aggregate of Rs.50,000 but combined exceeds the same)

18 May 2009 now TDS i sbased on Payee not on the contract.

18 May 2009 There are 2 criteria:-

1. Value of contract exceeds Rs. 20,000. This celling is not to be computed financial year wise. Since value of indivisual contract exceeds Rs. 20000/-, TDS attracted.

2. If the value of contract indivisually does not exceed Rs. 20000/-, but, aggregate amount per contractee exceeds Rs. 50,000 per year, TDS is attracted. Since the aggregate amount of both the contract exceed Rs. 50000/- you are liable to deduct tax.




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