TDS - Threshold Limit
This query is : Resolved
19 March 2011
If the professional fee exceeds the Threshold limit, example Rs.40000/-, TDS is deducted on which amount. Either on Rs.40000/-*10%
or
Rs.40000 - 20000(threshold limit) = Rs.20000*10%
on which amount TDS is deducted?
or
Rs.40000 - 20000(threshold limit) = Rs.20000*10%
on which amount TDS is deducted?
19 March 2011
TDS to be deducted @ 10% on Rs 40000/-
Message likes :
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19 March 2011
TDS on the whole amount is to be deducted.
19 March 2011
& FYI....w.e.f. 1/7/10.. the threshold limit for professional services is 30000/-
19 March 2011
Thanks for the reply. I'd like to know if we have to make separate cheque for each TDS challan or make a single cheque for all the category like contract, rent etc.
19 March 2011
For every type of TDS deposit, separate challan has to be deposited because the challan will require the nature of payment.so only one nature at a time shall be filled in.
also remeber that even in case of payment of same nature to corporate & non corporate payee shall require two different challans.
ca m s tauriah
also remeber that even in case of payment of same nature to corporate & non corporate payee shall require two different challans.
ca m s tauriah
19 March 2011
Dos and Dont's for Depositing Tax
Dos
* Use challan type 281 for deposit of TDS/TCS amount.
* Deductor should quote correct TAN, full name, address and current A.Y. on each challan.
* Deductor should use separate challan for different nature of payments quoting correct nature of payment code and also for different type of deductee.
* Ensure that the bank has mentioned CIN (Challan Identification Number) on the counter foil. Verify CIN details uploaded by the bank to TIN i.e., 5 digit challan serial no., BSR code of 7 digit and date.
* Insist on computerized receipts from the bank
* E- payment of TDS is recommended. (As in case of lost challan Duplicate copy can be easily printed from bank website by loging in with your ID and password)
Also see below link for details---
https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp
Dos
* Use challan type 281 for deposit of TDS/TCS amount.
* Deductor should quote correct TAN, full name, address and current A.Y. on each challan.
* Deductor should use separate challan for different nature of payments quoting correct nature of payment code and also for different type of deductee.
* Ensure that the bank has mentioned CIN (Challan Identification Number) on the counter foil. Verify CIN details uploaded by the bank to TIN i.e., 5 digit challan serial no., BSR code of 7 digit and date.
* Insist on computerized receipts from the bank
* E- payment of TDS is recommended. (As in case of lost challan Duplicate copy can be easily printed from bank website by loging in with your ID and password)
Also see below link for details---
https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp
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