CA rohit kasat (PARTNER) (67 Points)
01 August 2012HI EVERYONE,
I had a doubt regarding TDS to contracter, the clause says that TDS is applicable only if payment exceed Rs30000 per payment and Rs. 75000 per Financial Year, then are these basic Exemptions??? What if The total contract payment in year goes to Rs. 90000.00 for a year say
payment I - 25000
paymnet II - 25000
payment III-25000
payment IV - 15000
do i hav to deduct TDS for 15000. i.e. (90000-75000) or on entire amount 90000.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 01 August 2012
on 90000 .... :-)
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 01 August 2012
Yes the law relating to TDS says this only that deduct tax on entire 90000 which makes TDS something Tedious.
ramakrishna
(AM - Finance)
(115 Points)
Replied 01 August 2012
on entire amount of Rs. 90000/-, start deducting from 2nd payment onwards.
Ravishankar K
(Accountant)
(461 Points)
Replied 01 August 2012
| Originally posted by : ramakrishna | ||
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CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 01 August 2012
| Originally posted by : arun kumar | ||
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on 90000 . |
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Agree with all above....
CA Govind Gupta
(Proprietor)
(152 Points)
Replied 01 August 2012
TDS is to be deducted on whole amt i.e. 90000.00.
Santosh V. Thakur
(Sr. Accountant)
(187 Points)
Replied 01 August 2012
@ Rohit,
Section - 194C -TDS on Contract -TDS exemption as under
Criteria- 1. Bill booking / Payment Rs.30,000/- per bill /payment (whichever is earlier)
OR
Criteria -2. Rs.75000/- per year.
Section applied to any one of Criteria No.1 or Criteria No.2 & NOT for BOTH Criteria
Hope you understand the exemption Criteria.
You should deduct on Rs.90000/- whole amount.
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 01 August 2012
on entire amount of Rs. 90000/-, start deducting from 2nd payment onwards.
But if the amount does not exceed 75000 in that FY the contractor would not be liable for TDS deduction.
agree with ravishankar
CA Karan Lodhi
(CA and B.com(hons.))
(879 Points)
Replied 01 August 2012
Yes..All are correct
On the whole amt. Rs. 90,000
CA. Sandeep Kumawat
(CA)
(341 Points)
Replied 01 August 2012
Dharani
(Student )
(41 Points)
Replied 01 August 2012
I Agree With all above.As provision under section 194C Contract , per Payment Rs.30000 or P.A Rs.75000 not exceed the limit. so deduct for whole the value.
CAclubindia
