21 August 2012
MY PROBLEM IS BELLOW WE HAVE RECIVED LABOUR BILL AMOUNT RS.27890/-, IN THIS CONTRACT HEAD.I HAVE TDS DEDUCTED TDS @2%=558/- IN THE MONTH OF MAY ANS DEPOSITED IN GOVT.WE HAVE RECIVED BILL RS 29830/- NOW WILL NOT GET FURTHER BILL IN FUTURE SO WHAT I HAVE TO DO IN THIS CASE? PLEASE SUGGEST. ARVIND KUMAR
21 August 2012
As per the rules of income tax you have to deduct tax ither 30000(Single Transaction) or 75000(Aggregate in year). but you had not followed the rules. you had deducted tds on 27890/- @2% (558). and you have been received last bill amount is 29830/-. and you said that no will no get more bill to you. So as per my opinion dont deduct the tds on 29830/-. deducted tds amount deposite to govt. file the return of respected quarter. prepare 16a give to your party. he will claim this amount and will get refund the same.
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