Tds on payment of contract

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2016 Dear Experts,
I have paid Rs. 75000/- to contractor
Three cheque of 25000, 25000, plz guide
Me weather to deduct 1% TDS on 75000
or not... or the amount should be more
Than 75000/-

Regard
Anshul chhabra

CA MANISH SAXENA

CA MANISH SAXENA (Expert)
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30 April 2016 HI,

Amount should exceed Rs.75000 hence in your case you are not required to deducted.
Thanks!

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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30 April 2016 Better to do TDS 1%in case of individual and HUF, 2% other, ceiling limit increased from Rs.75000 Rs.100000/- wef 01.06.2016

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2016 Dear Experts,
Both of you has replyed differently hence
I am in confussion weather to deduct TDS
Or not also requested both of you to guide
As per law

CA MANISH SAXENA

CA MANISH SAXENA (Expert)
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30 April 2016 both replied to you as per law.
You dont required to deduct the TDS as per law.

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2016 But sir ..plz go through the kaviraja sir's reply
He has clearly advised batter to do TDS..

CA MANISH SAXENA

CA MANISH SAXENA (Expert)
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30 April 2016 he said "better to do!!!!"and also mentioned the limit which has been increased from 75k to 1L.

But as per law which you want to ask ,...is not required to deduct.

Rest Kaviraja JI will answer you as per LAW what to do :) ,will Kavi sir differ from my opinion!!!!.

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2016 Yes No doubt kaviraja sir replied differently
let kaviraja sir & other experts to express
Their view in this regard,

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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30 April 2016 This limit of Rs. 75,000 has been increased to Rs. 1,00,000 and effective from Financial Year 2016-17 onwards,
I am also in the favor of TDS deduction. Financial year just started in next 1-2 payment you may cross the limit.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.

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