tds
This query is : Resolved
21 November 2010
What is meaning of limit in tds ?suppose? in case of U/s 194c contractor (ind/huf) there is limit of 30000 single contract i am not getting the concept of limit ? please help me .
21 November 2010
The quantification,as you said, appears in section 194C(5) wherein I don't see a word "limit".
21 November 2010
(5) No deduction shall be made from the amount of any sum credited or paid or likely to be credited or paid to the account of, or to, the contractor, if such sum does not exceed 48a[thirty] thousand rupees :
"credited or paid to the contractor" is not mean of single contract in my openion it should be concluded as "amount credited to single contractor" not single contract.
If the amount paid/payable or credited/likely to be credited to the contractor/sub-contractor does not exceed Rs.30,000/- in a ***single instance*** (Applicable from 1.7.2010. previously it was Rs.20,000).
However, the total of amounts paid or credited during the financial year should not exceed Rs.75,000/-. If the said amount exceeds Rs.75,000/-, then, the liability for payment arises on the whole of amount paid or credited and not on the amount in excess of Rs.75,000/-.( The limit of Rs.75,000 is applicable from 1.7.2010. Previously it was Rs.50,000)
"credited or paid to the contractor" is not mean of single contract in my openion it should be concluded as "amount credited to single contractor" not single contract.
If the amount paid/payable or credited/likely to be credited to the contractor/sub-contractor does not exceed Rs.30,000/- in a ***single instance*** (Applicable from 1.7.2010. previously it was Rs.20,000).
However, the total of amounts paid or credited during the financial year should not exceed Rs.75,000/-. If the said amount exceeds Rs.75,000/-, then, the liability for payment arises on the whole of amount paid or credited and not on the amount in excess of Rs.75,000/-.( The limit of Rs.75,000 is applicable from 1.7.2010. Previously it was Rs.50,000)
21 November 2010
In simple words, if the contract amount exceeds Rs.30000/- TDS should be deducted.
If there are number of contracts with the same contractor, having contract value lesser than rs.30000 but in agreegate exceeds Rs 50000 during the financial year, then TDS shall be deducted.
If there are number of contracts with the same contractor, having contract value lesser than rs.30000 but in agreegate exceeds Rs 50000 during the financial year, then TDS shall be deducted.
Message likes :
1 times
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
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- 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
Trending Online Classes
CAclubindia
