09 January 2013
is tds applicable for contractor in this case ?
for eg. on date 08.01.2013 party raised three difference invoice on same day of three different shipment of rs. 1) 25000 2) 25000 3) 24000 is tds applicable ?
beacause the threshold limit is 30,000 ( single transaction ) 75000/- ( aggregate during the year )
09 January 2013
definetly they can do so. but normally companies doesn't do that. because shipping co is not a small co. they need to get refund as there are many exemptions for them. so they raise bill mostly on shipment basis but for theory they can do so for saving TDS
12 January 2013
Dear Uday, TDS will be applicable in March-2013 then and because full year amount is more than 75000 now so now TDS will be deducted on full amount i.e. 84000/- No interest is applicable as previously you were not liable to deduct TDS. it is cleared by section itself
CAclubindia
