CS GK Murty (Company Secretary) (225 Points)
16 February 2011Dear expert members,
We are professionals and charge our clients group companies as professional fees under three bills in favour of M/s. X, Y, Z. However, the bill amount in each case does not exceed Rs. 20000/- i.e. 15,000/-, 10,000/- and 5000/- (annual charges) but deductions were made in respect of TDS @ 10%.
Please throw some light on whether such deductions are tenable?
Pankaj Arora
(Learner)
(3134 Points)
Replied 16 February 2011
you can not deduct deduct TDS if the single bill does not cross threshold limit 30,000/- u/s 194J
Paresh Rathod
(CA)
(222 Points)
Replied 16 February 2011
| Originally posted by : Pankaj Arora | ||
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you can not deduct deduct TDS if the single bill does not cross threshold limit 30,000/- u/s 194J |
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agrree with Pankaj....
CA Punit
(CA)
(1775 Points)
Replied 16 February 2011
TDS u/s 194J is to be deducted if the aggregate amount of payment made/credited or likely to be paid/credited exceed 30,000/- in a financial year (from 1.7.2010).
It was 20000 previously.
Still TDS should not be in ur case...
& even if it has been deducted... no worry...you can claim set off against ur income tax liability in return
CAclubindia
