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tds on contractor

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(Querist)
18 October 2010 in py09-10 total amc charges paid to a contractor was. rs.60000

however in 10-11 upto septmeber rs.20000 has been paid.

is tds deductible in 10-11 on such payment.

urgently waiting for ur reply.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
18 October 2010 No TDS deduction is not required as of now.
Exemption limit u/s 194C with effect from 01.07.2010 is--
Rs 30000/- Single Payment
Rs 75000/- Annual Payment.
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taxindiaconnect

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taxindiaconnect (Expert)
18 October 2010 Agreed, if the amounts do not cross the specified limits in a FY, if exceed then deduct the TDS on entire amount.
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