11 January 2011
for advertisement: TDS to be deducted u/s 194C - CONTRACT; company/Firm = 2% Indl/HUF = 1%; Maximum limit allowed as exemption is Rs.30,000/- per contract/Rs.75,000 per annum. In your case, TDS is not applicable since the value doesn't exceed Rs.30,000/-.
If we have to pay more than 30,000/- in a single payment then we are required to deduct TDS under TDS Contractor @ 1 % for Non Co. & 2 % Co. Is it correct. Please confirm.