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Tds

Sharad Jain (CHARTERED ACCOUNTANT) (116 Points)

20 January 2017

One 194C bills of XYZ Ltdof Rs. 30000/-, dated 30.06.2016---TDS not deducted and paid. Second 194C bill of XYZ Ltd of Rs. 50000/-, dated 20.01.2017---On what amount TDS should be deducted..50000 or 80000??

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177886 Points)
Replied 20 January 2017

80000

1 Like

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Koushik D C (Proprietor/Freelancer) (938 Points)
Replied 20 January 2017

80,000 as single payment exceed 30k

Gowtham kumar (vijayawada,AP,india.) (51 Points)
Replied 20 January 2017

You should deduct tds Only 50000/-

1 Like

Gowtham kumar (vijayawada,AP,india.) (51 Points)
Replied 20 January 2017

You should deduct tds on 50000

Gowtham kumar (vijayawada,AP,india.) (51 Points)
Replied 20 January 2017

U/s 194C single payment 30000

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Gowtham kumar (vijayawada,AP,india.) (51 Points)
Replied 20 January 2017

Aggregate of payments during the year 100000 is the limit.

CMA Abhay Kumar Yadav (Consultant) (132 Points)
Replied 20 January 2017

yes the aggregate payment is increased to 100000

Koushik D C (Proprietor/Freelancer) (938 Points)
Replied 20 January 2017

As per section 194C (5) No deduction shall be made from the amount of any sum credited or paid or likely to be credited or paid to the account of, or to, the contractor, if such sum does not exceed thirty thousand rupees.

As statute uses the word "likely to be credited", we need to deduct TDS on 80,000.