TDS on Work Contracto
This query is : Open
05 July 2021
Paid Rs. 1 Lakh advance against Supply & Installation Works, as per PI Rs. 100000 to be paid for supply and 15000 for Installation
Is TDS to be deducted on the same, this could be the first and last transaction with vendor
Is TDS to be deducted on the same, this could be the first and last transaction with vendor
06 July 2021
TDS under section 194c applicable on advance payment as it's works contract.
06 July 2021
At what amount TDS to be deducted at Rs.115000 or Rs. 15000
Kindly guide
And as the threshold not crossed still tds to be deducted ?
Kindly guide
And as the threshold not crossed still tds to be deducted ?
06 July 2021
At what amount TDS to be deducted at Rs.115000 or Rs. 15000
Kindly Guide
And as the threshold not crossed still tds to be deducted ?
Kindly Guide
And as the threshold not crossed still tds to be deducted ?
06 July 2021
If the transaction is covered under section 194C and consolidated contracted price for the work agreed is Rs.1,15,000/-. Then threshold limit of Rs.30,000/- prescribed under Section 194C per contract has exceeded. Hence liable to deduct tax on Rs.1,15,000/-
But if the principal object of contract is sale of goods and contract for work is supplementary then this section won't apply on value of goods i.e., Rs.100,000/-. In that case TDS will not be attracted as threshold of Rs.30,000/- has not been exceeded.
It is better to seek professional opinion with complete details of the transaction
But if the principal object of contract is sale of goods and contract for work is supplementary then this section won't apply on value of goods i.e., Rs.100,000/-. In that case TDS will not be attracted as threshold of Rs.30,000/- has not been exceeded.
It is better to seek professional opinion with complete details of the transaction
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