TDS U/s 194 C Limit
This query is : Resolved
20 March 2020
Dear Experts,
TDS exemption limit U/s 194C is INR 30,000 in case of a single contract and INR 1,00,000 in case of aggregate amount during the financial year.
But what if we have invoice booked from Apr 19 to Feb 20 is Rs 5500 only and One transaction in Mar 20 is for Rs 30400
so, in this case we have to deduct TDS on 30400 only ?? or
TDS on 30400 + Debit note for TDS on Rs 5500 also ??
Please help
TDS exemption limit U/s 194C is INR 30,000 in case of a single contract and INR 1,00,000 in case of aggregate amount during the financial year.
But what if we have invoice booked from Apr 19 to Feb 20 is Rs 5500 only and One transaction in Mar 20 is for Rs 30400
so, in this case we have to deduct TDS on 30400 only ?? or
TDS on 30400 + Debit note for TDS on Rs 5500 also ??
Please help
20 March 2020
Deduct TDS on the entire amount, i.e. 30400+5500
Message likes :
1 times
20 March 2020
Thank you for help...
Message likes :
1 times
20 March 2020
Deduct TDS only on Rs. 30,400. Because the aggregate amount will not increase Rs. 1,00,000 during the FY.
Message likes :
1 times
20 March 2020
Yes, TDS should be deducted on 30400 only.
Message likes :
1 times
20 March 2020
Confused , Now Actually what should I do ???
20 March 2020
Don't get confused. You yourself are having the solution in your query. The two conditions for TDS are :
1. The amount paid or credited to the contractor in a single contract exceeds Rs 30,000.
2. The aggregate amount paid or credited during the financial year exceeds Rs 1,00,000.
Condition 2 is not applicable as the total contract value during the year is not exceeding Rs 1,00,000. Only Condition 1 is applicable to your query on second transaction of Rs 30,400 , hence you shall deduct TDS on amount of Rs 30,400 only, provided Rs 30,400 is exclusive of GST amount.
Hope now it is clear.
1. The amount paid or credited to the contractor in a single contract exceeds Rs 30,000.
2. The aggregate amount paid or credited during the financial year exceeds Rs 1,00,000.
Condition 2 is not applicable as the total contract value during the year is not exceeding Rs 1,00,000. Only Condition 1 is applicable to your query on second transaction of Rs 30,400 , hence you shall deduct TDS on amount of Rs 30,400 only, provided Rs 30,400 is exclusive of GST amount.
Hope now it is clear.
Message likes :
1 times
21 March 2020
Ok , Clear...
Thanks to all of you.
Thanks to all of you.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- Income Type for interest from government bonds
- Adjustment at the beginning of the year
- Bifurcation of prepaid expenses
- Is income taxable or receivable or received in case of LLP and company
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
