threshhold limit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2011 if threshhold limit for tds on professional fees is 20k till 30.6.2010 and 30 k till 31.3.2011.
Please let me know the tds to be deducted for the below:
1.if company received a bill of 20k in may 2010
2.if company received a bill of 20k in may 2010 and 30k in feb 2011

CA Navin Jain

CA Navin Jain (Expert)
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29 March 2011 IN FIRST CASE NO NEED TO DEDUCTED TDS

AND LAST CASE

TDS WOULD BE DEDUCTED ON RS. 50K

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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29 March 2011 till 30/6/2010... limit was 20000/- for TDS. so any payment below this amount would not be liable for TDS.

In your case 1> the incidence of 20000/- bill is in May,2010.. so TDS @ 10 % will be charged.

Case 2> TDS @ 10% on the whole 50000/- as it exceeds the threshold limit of 30000/- (w e f 1/7/10) anyway .

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