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Advise on deduction of tax

Yogesh Mistry (Practice) (47 Points)

15 August 2012

I want to know on which amount TDS is to be deducted u/s.194C for A.Y.2012-13?

First Bill : - 20,460/-(Labour Bill)

Second Bill:-30,411/-(Labour Bill)

Tds is to be deducted on only 30,411/- or 50,871/-(i.e. on Both)?

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7 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 15 August 2012

Originally posted by : Yogesh Mistry

I want to know on which amount TDS is to be deducted u/s.194C for A.Y.2012-13?

First Bill : - 20,460/-(Labour Bill)

Second Bill:-30,411/-(Labour Bill)

Tds is to be deducted on only 30,411/- or 50,871/-(i.e. on Both)?

since the aggregate limit for tax deduction in a year has not crossed Rs. 75,000 whereas the limit of Rs. 30,000 for a single payment has been crossed.

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 15 August 2012

if both bills are payable to same person or same business idendity then gross amount is liable for TDS u/s 194C(1), otherwise only send bill is liable for TDS deduction.

(Guest)

in your case u have to deduct TDS on Rs.30,411/- not no Rs. 50.871/-

Venkat (Dy. Manager Finance) (272 Points)
Replied 16 August 2012

Tds is to be deducted on only 30,411/-

since the aggregate limit for tax deduction in a year has not crossed Rs. 75,000 whereas the limit of Rs. 30,000 for a single payment has been crossed.

Shah Tarun (Student) (800 Points)
Replied 16 August 2012

From your question, it seems that both bills pertains to same person/entity,if so,you have to deduct tax on 50,871.

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Amber Jain (Article Assistant) (206 Points)
Replied 16 August 2012

If both bills pertains to same person then TDS has to be deducted.

K.MADHESH (Accountant) (21 Points)
Replied 31 August 2012

I want to know on which date for TDS interest non-deduction and non-payment calculation u/s.194C for A.Y.2012-13? deduction date 30/06/2011 and payment date 15/07/2011

Bill No.

1) Rs.26,400 dt 08/04/2011

2) Rs.15,000 dt 06/05/2011

3) Rs.25,040 dt 25/05/2011

4) Rs.22,000 dt 15/06/2011

Tds interest to be calcuated on only Aggregate amount for all bills exceed Rs.88,440/- (15/06/2011)or interest to be calculated in first bill date(i.e. on Both)?