If service provided amounts to Rs. 10,000 and material purchased costs Rs. 50,000 and the vendor is same. TDS is applicable on excess of payment of Rs. 20,000 only on service and not on material purchased then will I have to deduct TDS? If yes then on which amount 10,000 or 50,000?
3 Replies
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 17 August 2010
Dear
From 1st July 2010 tds is applicable is payment is exceed Rs. 30000.
IF SERVICE CHARGES IS SEPARATELY MENTIONED ON INVOICE THEN TDS WOULD BE DEDUCTED ON SERVICE CHARGES NOT DEDUCTED ON MATERIAL COST.
CA Pratik Dharod
(Bussiness)
(178 Points)
Replied 17 August 2010
But aggregate payment is Rs. 60,000 As payment of Rs. 10,000 only amounts to service which is not exceeding the limit of Rs. 30,000. So will I have to deduct TDS or not?
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 17 August 2010
not need to dedeuct tds
Recent Topics
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
Related Threads
CAclubindia
