TDS

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smita mohite

smita mohite (Querist)
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30 November 2010 For painting work of wall of office building,TDS is applicable if it exceeds 30000/-

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 November 2010 Yes. TDS to deducted us/ 194C.

For rates and threshold limits see below link---

https://www.caclubindia.com/forum/details.asp?mod_id=109491

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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30 November 2010 The above transaction will fall under contract since the provision is wide enough to cover the above transaction.

The payee is required to Deduct 2 % if the single payment exceeds Rs 30,000/- or total payment during the year exceeds Rs 75,000/- during the year.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 November 2010 Vivek Ji TDS need to be deducted by payer and not payee.

Rate of TDS u/s 194C:
Individual/ HUF @1%
Others 2%
If PAN not Given 20%
Threshold limit as mentioned by Vivek Ji.