04 June 2010
Hi I am working in a firm, and dealing in the daily sale, purchase billing , sale tax and TDS. I want to know what is the threshold for deducting the tds on advertisement, rent and other sub contractors,.I entered the bill of amount 35000/- of the advertisment in April 2010 but did not deduct the tds. Plz tell me should I deduct the tds on that bill, if yes then what should I do now?
04 June 2010
YES DEDUCT TDS AND DEPOSIT ALONG WITH INTEREST @1% PER MONTH RATE OF TDS: 1% FOR INDIVIDUAL & HUF 2% FOR OTHERS. AT PRESENT THRESHOLD LIMIT IS RS.20000/- FOR SINGLE PAYMENT & RS.50000/- FOR ANNUAL.
REVISED WEF 01.07.2010 THRESHOLD LIMIT IS RS.30000/- FOR SINGLE PAYMENT & RS.75000/- FOR ANNUAL.
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