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Tds on contract

03 June 2018

sir one more thing please clear i have paid 4 instalment payments one is rs 40000 other rs 20000 3rd is rs 20000 4th is rs 30000.... in a cotractual work so can i deduct tds at first 40000 and end of the f.y. i deduct tds on rs 20000+ rs 20000+rs30000 in this way sir???? please clear me

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7 Replies

robinghosh (accountant) (180 Points)
Replied 03 June 2018

is that one work basis or more ?
if one work basis then only one time you can deduct it .

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Rajkiran Ghosh (480 Points)
Replied 03 June 2018

yes work basis but i canot predict the annual contractual amount so in that cae will i deduct tds in above way plz reply

Sravan Reddy G (CA) (618 Points)
Replied 04 June 2018

every instalment u have to deduct

Priya Mangal (119 Points)
Replied 04 June 2018

as per section 194c is made fof contractor or sub- contractor according to ur q ur whether that sum paid or credited doesn't not exceed 30000.u can't deduct tds only 40000 .bacuse this amount cross tha exemption limit of tds..ND second thing..if ur aggregate billexceed the limit of 100000 then in that condition. uh will be liable to deduct tds in whole amount

Rajkiran Ghosh (480 Points)
Replied 04 June 2018

sir i donot get total bill ... I have received only one bill of rs 40000 so i deduct tds on this bill but i donot predict how much amount of the total bill in a f.y. however i get 2 bills of rs 20000 and other bill of rs 20000 so until the f.y. end i donotknow the total bill amount how i can deduct tds on these two bills of rs 20000???? plz reply me sir

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Priya Mangal (119 Points)
Replied 04 June 2018

u can deduct tds only on 40000

Rajkiran Ghosh (480 Points)
Replied 04 June 2018

and sir if i donot deduct tds on these two bills of rs 20000 and at the end of the f.y. 20th march two more bill also comes of rs 25000 ... then total bills amount will be rs 40000+20000+20000+25000+25000 then the total bill amount exceeds of rs100000 then can i deduct tds on bill amount of rs 40000 as i have already deducted tds on this bill i deduct tds on bill amount of rs 20000+20000+25000+25000 at one time...Am i right sir???? plz reply me sir