Tds 94c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2014 pls tell me
if six bills of 10000 each is issued but tds is not deducted on it which is right but then seventh bill of 18000 is issued which means tds is need to be deducted now but on how much 18000 or 78000 .

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 July 2014 Once threshold limit is crossed TDS should be deducted on total amount I.e., Rs 78000.

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2014 Sir
One thing more if i issue three bills of 20000 each and it is clear that none of them cover tds to be deducted liability and i made payment of 60000 for all the bills in One cheque, whether my payment are attracted to tds. And also allowed as expense under Income Tax act or not as payment to bills.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 July 2014 If bill dates are different and bills booked on different dates then TDS not required to be deducted even if payment is made through single cheque.

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2014 if three bills are issued that also of same date and payment is through single cheque then in that case what will happen.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 July 2014 In that case TDS required to be deducted on Total amount.

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2014 sir can you pls tell me how much minimum %age is reqd. for pursuing MCom from ignou

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 July 2014 I dont think there is any such minimum % age requirement.