Hemchand Kohli (Accountant) (889 Points)
28 April 2012Give your opinion whether TDS to be deducted or not:
Example: Payment made to Contractor in year does not exceeds Rs. 75,000/- (As per Limit), cheque has been issued as under:
1. Rs. 38,500.00 (Treat as Bill also the cheque has been issued same day)
2. Rs. 20,000.00
3. Rs. 16,400.00
Now tell TDS to be deducted or not becasue if we consider on single payment it is exceeding single limit of Rs. 30,000/- in One payment but overall Rs. 75,000/- limit is not excedding.
monu
(nil)
(276 Points)
Replied 28 April 2012
if you have done payment on accrual basis i.e. after crediting the party first and each bill is less than 30000 than no tds
monu
(nil)
(276 Points)
Replied 28 April 2012
if single bill exceeds 30000 or payment of 38000 is advance payment (than tds is must on the basis of credit or payment w.e earlier)
CAclubindia
