Query on tds

But co. Made a payment of 29,000/- against 1st bill in 1st Qtr.

How co.deduct whole tds in next qtr

TDs to be deducted on whole amount

HI Mohit,

Company will deduct TDS once the total exceeds exempt limit. In your case, Co. will deduct on Rs..87,000.00 in the Qtr in which it crosses the limit of Rs. 75,000.00

In the 1st Qtr, Co. was not aware that the expense will exceed the limit of Rs. 75,000.00

Hence, in the Qtr in which limit crosses, the co. shall deduct the TDS on whole amount i.e. Rs. 87,000.00 on the date on which limit crossed and deposit with Govt.

Thanks

Tds to be deducted on whole amount that is on Rs 87000/-...return to be filed 

TDS on full amount Rs 87000 shall be deducted and you don't need to revise 1st Qtr return.Consider all three bills in the Qtr. when threshold limit exceeded because on the first bill also,liability to deduct tax arises when limit exceeded.

Hi Mohit,

TDS should be dedcuted on the hole amount and in returns 1st invoice should be shown as threshold limit not exceded.

Dear Mohit,

TDS should be deducted on last bill of Rs.29,000/- (on the whole 29000/- at the rate applicable (lets assume 1%), i.e. TDS will be Rs. 290/- only) and the same will be provided in respective TDS return in which last bill was received.

You need not to deduct TDS and revise TDS return for the earlier payments made.

TDS should be deducted for whole amount, u can show in last quarter for firsr two bills becuse at that time tds was not applicable means practicaly section itself not applicable so no need to revise earlier quarter.

on how much amount we have to deduct TDS.  We have to deduct TDS on 87000/- or 116000/-??