divva
(Industrial Trainee @ Ashok Leyland)
(348 Points)
Replied 27 June 2012
TDS to be deducted on 54000, As exemption is for the purpose to avoid TDS for small income earners whose income may not be exceed basic limit not taxable.
Tasleem Javed
(CA)
(25 Points)
Replied 27 June 2012
Agree with Divva, TDS will be deducted on Both the amount 54000 and 35000
Ashish
(none)
(54 Points)
Replied 27 June 2012
TDS should be deducted as payment exceeds the limit of Rs 30,000 for single payment (i.e. Rs 54,000) & Rs 75,000(i.e. Rs 89,000=54000+35000) for aggregate payment.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 27 June 2012
Yes...you have to deduct tax on both the amounts.
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 27 June 2012
| Originally posted by : Ashish | ||
 |
TDS should be deducted as payment exceeds the limit of Rs 30,000 for single payment (i.e. Rs 54,000) & Rs 75,000(i.e. Rs 89,000=54000+35000) for aggregate payment. |
 |
Agreed
Shiva Rama Krishna
(MBA -International Business)
(23 Points)
Replied 28 June 2012
The Threashold limit is 30,000 in a particular year. Hence TDS to be made on entire transation.
YOGESH
(STUDENT)
(128 Points)
Replied 28 June 2012
I agree with divva, the rate of TDS to be done is 1% for Individual & HUF and 2% for Others
I case of No PAN or invalid PAN TDS to be done @ 20%
Saurabh Pokar
(Article Assistant)
(48 Points)
Replied 28 June 2012
yes., tds is applicable on both the payments of RS. 35000 and 54000/-
CA Nabh Kumar
(In Job)
(42 Points)
Replied 01 July 2012
As per Income Tax Act TDS should be deducted as on date of payment or credit whichever is earlier............
So in given case on 54000+35000 both, TDs should be deducted...................
CAclubindia
