Tds

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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??
Replies (8)

80000    

80,000 as single payment exceed 30k

You should deduct tds Only 50000/-
You should deduct tds on 50000
U/s 194C single payment 30000
Aggregate of payments during the year 100000 is the limit.
yes the aggregate payment is increased to 100000

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.


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