Tds deduction

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Harish babu (Querist)
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14 July 2014 Dear experts,

A Company has 3 bills of forwarding charges from ABC & Co for Rs. 10000 in April-13, for Rs.30000 in may-13 and in march-14 for Rs. 10000. Whether should i deduct TDS ? If yes how should i deduct ?

Please suggest me ASAP.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 July 2014 Section 194C will apply. TDS not required ti be deducted since threshold limit if Rs 30000 for single bill or Annual limit of Rs 75000 is not crossed.

Harish babu

Harish babu (Querist)
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14 July 2014 Thanks and Actually single bill cut off is Rs.30000 according to 194c . So I have deducted TDS on May bill and filed TDS returs too. So what should i do now and how it works.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 July 2014 No need to do anything. Deductee will get the credit of TDS amount while filing income tax return.