11 January 2014
if i have paid a payment to contract rs.50000 in April month and 2nd payment rs. 50000 in December month, then TDS should be deducted on which amount and when? as per aggregate limit of rs.75000/- u/s 194C and any interest will be paid ?
11 January 2014
TDS u/s 194C is required to be deducted if individual bill/payment exceeds Rs. 30,000 or aggregate of bills/payments exceeds Rs. 75,000
In this case since single payment exceeds Rs. 30,000 TDS is required to be deducted on payment of Rs. 50,000 in April and also on payment of Rs. 50,000 in December.