For tds

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student
32 Points Joined November 2012
For tds Assesse : Company Dt.15.6.14 we recd advertisement bill amt 6000 so we r not dedcuted tds And now 14.8.14 again same party we recd advertisement bill 1. 42000 and 2. 8000 So I do ? Which amt I dedcted tds plz give me calculation
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On 20 August 2014 at 14:45 Report
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Student CS
33 Points Joined August 2014
Originally posted by : shaunak
For tds Assesse : Company Dt.15.6.14 we recd advertisement bill amt 6000 so we r not dedcuted tds And now 14.8.14 again same party we recd advertisement bill 1. 42000 and 2. 8000 So I do ? Which amt I dedcted tds plz give me calculation

Hello Shaunk,

As per my knowledge, TDS will be deducted on whole amount if it exceeds Rs. 75000/- P.A.

And in your case its yet not exceed 75000, then you not need to deduct TDS out of amount paid. 

Thanks 

Anubhav 

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On 20 August 2014 at 15:05
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ADVOCATE- TAXATION ADVISOR
427 Points Joined November 2011
As one if the bill exceeded rs. 30000 u have to deduct the tax @ 2%
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On 20 August 2014 at 15:33
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Student as well as Self-employed
3710 Points Joined September 2007
you dont need to deduct tds if you dont except same party to raise more bills. also if you expect so but total of all bills does not exceed 75000, still no need to deduct tds... but in case total exceeds 75000 then you need to deduct tds on every bill paid.
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On 20 August 2014 at 16:18
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Manager-Accounts & GST Consultant
5124 Points Joined July 2014

You need to deduct TDS as the bill is of 42000/- which is more than 30000/-. Limit for 194C is 75000/- for whole year or 30000/- or more for one payment......

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On 20 August 2014 at 18:14
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Student CA Final
116 Points Joined January 2014
As per sec 194C (contracts): if any payment made to any individual/HUF/OTHERS then Tds @ 1% for ind/HUF n Tds @ 2% for company or others...is to be deducted. Payment Explanation: If any single payment exceeds Rs.30,000/- OR in aggregate exceeds Rs.75,000/- (PA)to a single person then these provision attracts... In ur case though in aggregate it has not exceeded Rs.75,000/-..but in individualy it exceeded 30k...so have to on Rs.42,000/-
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On 20 August 2014 at 19:13
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Student CA Final
116 Points Joined January 2014
Or to avoid it...better ask to divide the bill in two amounts... ;-)
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On 20 August 2014 at 19:21
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Sr. Accountant
22 Points Joined April 2013

Dear All,

Please share WCT Return  sample  ( Noida )

Thanks & Regards

Surya Mani Singh

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On 20 August 2014 at 19:48
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Practicing Chartered Accountant
290 Points Joined July 2009
Tds to be deducted on whole amount of 56000 if aggregate is expected to be 75000 But in present case of your aren't expecting any other bills then tds only on 42000 as it exceeds limit of 30000
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On 20 August 2014 at 22:12
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Accounts excutive
26 Points Joined August 2012
you have to be deducted TDS on 56000
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On 21 August 2014 at 09:36
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Internal & Statutory Auditor
32 Points Joined January 2013
As the one bill cross the TDS limit (I.e. 30000) then you have deduct Tds on 56000 I.e. total amount including previous bill of 8000.
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On 21 August 2014 at 10:29
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Asst. Accountant
40 Points Joined June 2014
sir. plz conform that TDS is to b deducted on the only invoice which exceed 30000/-(of rs 42000/- bill) or it is to b deducted on the all bills received from the same party in the same year after exceeding the limit of rs.30000/-....
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On 22 August 2014 at 16:35
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Asst. Accountant
40 Points Joined June 2014

Dear All,

            Kindly conform that my journal entry are correct or not if not plz do tell me the correct one.

01)- samsung gave me service and raised invoice for it against me then my entries are:-

     Service ChargeDr.................

      TDS Payable. Dr.......

              To Samsung....

NOW on the time of payment.

     Samsug dr.

                To Bank.

 

02)- When i gave service to samsung and i raised invoice against samsung

        samsung Dr

               To Service charge 

               To service tax 12.36%

 On The time of payment

       bank Dr.

       TDS Dr.

               To samsung

     PLZ DO REPLY and Correct my Entries.....

      

 

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On 22 August 2014 at 17:20
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Student as well as Self-employed
3710 Points Joined September 2007

currently tds to be deducted only on bill of 42000 only and not on any other bill...

 

yes your journal entries are correct...

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On 23 August 2014 at 17:29
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Asst. Accountant
40 Points Joined June 2014
Thanks...now if new bill is of rs.24000/-now if total bills are of rs. 80000/- in this same year now what is the amt TDS to b deducted on ....80000 or rs.75000..and do tell me That it will b deducted on this same new bill
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On 23 August 2014 at 18:16


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