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tax deduction

kaushal (w) (545 Points)

31 May 2008

tds deduction maade on basis of per bill amount or perannum amount

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14 Replies

Azmathullah Khan (Accounts Manager) (1386 Points)
Replied 31 May 2008

TDS is deducted on the basic of payment / Credited amount which ever earlier. if the amount is cross the threshold limit.,

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(Guest)

what exactly 194 C speaks? 50000 P.a??? is it applicablt to contractor and subcontractor both>?

M.Sriram Shenoy (CA Final) (814 Points)
Replied 31 May 2008

If the bill amount exceeds Rs.20000.00, then TDS should be deducted on it immediately.

If single bill amounts doesnot cross Rs.20000.00, but when cumulatively taken for the whole year, the amount paid to the party exceeds Rs.50000.00, then TDS should be deducted.

194C is applicable to both contractor and sub contractor.

(Guest)

DEAR SIR,

1) MAY I REQUETS U PLS SEND ME F.Y.2007-2008 TDS RATE (INTEREST,SALARY,CONTRACT,ADVERTISEMENT,FACTORY RENT)

2) INCOME TAX LIMIT FOR LADY CASE,

3) TDS CALCULATION ON SALARY 22000 P.M. (LADIES)

Azmathullah Khan (Accounts Manager) (1386 Points)
Replied 31 May 2008

If the Payment to contract or subcontract payment is exceed Rs.20000/- any time then TDS is to be paid or no., of payment payment aggregating to Rs.50000/- then also TDS is to be paid.

For ex;- Paid to contractor Rs. 19900/- first Payment, Second payment 18000/-, third payment Rs. 12000/-, fourth Payment is Rs. 2500/- Then TdS to be Deducted on Rs. 52400/-

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Azmathullah Khan (Accounts Manager) (1386 Points)
Replied 31 May 2008

Dhermesh Taniya,

Please email ur address at azmath @ springfieldsschool.com. I will try to send u Form 16A, TDS Rate, Challan & Form 16, which automatic calculate TDSon salary for indv., Female & Sr.Citizen

Azmathullah Khan (Accounts Manager) (1386 Points)
Replied 31 May 2008

Taniya

While sending requestr please give UR email for further communication. UR request can't be send to U.

prakashjha (Article Assistant) (0 Points)
Replied 31 May 2008

Hi, Khan sir,

Sir, If contractor bill for the month of Feb,2008 comes to 31st Mar,2008 and it is entered as on that date i.e 31st Mar,2008, so on paying TDS on that contractor's bill on 28th May it will be allowed as a deduction for the FINANCIAL YEAR 2007-08 as a expenditur

Thanks& Regards

PRAKASH JHA

Azmathullah Khan (Accounts Manager) (1386 Points)
Replied 31 May 2008

Yeah,

U can pay TDS on 31st of May. for some case

Azmathullah Khan (Accounts Manager) (1386 Points)
Replied 31 May 2008

Mr. prakash jha

Please don't call me Sir, we are Friends

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Ankita Tushar Parikh (Articleship) (21 Points)
Replied 16 June 2008

hello

Manoj Malhotra (Service) (20 Points)
Replied 08 August 2008

What is the limit of TDS deducted for contractors/vendors under section 194C

(Guest)

Originally posted by :Azmathullah Khan
"	Dhermesh Taniya, Please email ur address at azmath @ springfieldsschool.com. I will try to send u Form 16A, TDS Rate, Challan & Form 16, which automatic calculate TDSon salary for indv., Female & Sr.Citizen	"