Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2012
Case:
Payment made to Contractors and subcontractors.
Suppose the billing is as follows
1 5-4-2012 rs 7500
2 25-4-2012 12500
3 5-5-2012 16500
4 6-8-2012 35000
Now i have to deduct tds only on last bill 35000 or all the bills.
Suppose there are no furthure transaction.
Fast reply
Thanks
Payment made to Contractors and subcontractors.
Suppose the billing is as follows
1 5-4-2012 rs 7500
2 25-4-2012 12500
3 5-5-2012 16500
4 6-8-2012 35000
Now i have to deduct tds only on last bill 35000 or all the bills.
Suppose there are no furthure transaction.
Fast reply
Thanks
21 April 2012
AS PER SECTION 194C .....
LIMIT FOR TAX DEDUCTION SHALL RS. 30000/- FOR SINGLE PAYMENT AND RS. 75000/- IN AGGREGATE .
HERE YOUR AGGREGATE PAYMENT IS BELOW RS. 75000/- BUT LAST BILL CROSS THELIMIT I.E. RS. 30000/- .
HENCE YOU HAVE TO DEDUCT TDS ONLY ON RS. 35000/-
ONE MORE THING KEEP IN MIND IF CONTRACTOR IS INDIVIDUAL OR HUF THAN 1 % OTHERWISE IT IS A 2 %.
LIMIT FOR TAX DEDUCTION SHALL RS. 30000/- FOR SINGLE PAYMENT AND RS. 75000/- IN AGGREGATE .
HERE YOUR AGGREGATE PAYMENT IS BELOW RS. 75000/- BUT LAST BILL CROSS THELIMIT I.E. RS. 30000/- .
HENCE YOU HAVE TO DEDUCT TDS ONLY ON RS. 35000/-
ONE MORE THING KEEP IN MIND IF CONTRACTOR IS INDIVIDUAL OR HUF THAN 1 % OTHERWISE IT IS A 2 %.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2012
YES SIR.THANKS
AGREE
AGREE
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