DEAR FRIENDS
I'M CONFUSED WHETHER TDS ON CONTRACT BASIS IS DEDUCTED ON AMOUNT AFTER APPLICABILITY OR ON THE WHOLE AMOUNT WHEN IT'S APPLICABLE, WHICH IS RS.20,000/-
PLS LET ME KNOW AS SOON AS POSSIBLE.
3 Replies
CA Harbinder
(CA )
(1245 Points)
Replied 19 March 2008
U CAN DEDUCT TDS ON THE WHOLE AMT. IF THE AMOUNT PAID OR PAYABLE EXCEEDS RS.20000/-P.A
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 19 March 2008
It should be deducted on the whole amount. The limit of Rs.20,000.00 is not the basic exemption limit provided. It is the ceiling, beyond which the entire amount attracts TDS.
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