TDS

Hi, everybody

 

I have proprietorship concern the turnover of the firm in the fin. Year 2008-09 is above 40/- lakh.

 

I want to know about TDS treatment in the below given cases

 

1)      I have credited Rs. 60000/- in our contractor’s account in fin. Year 2008-09 out of which 28700/- is to be paid in current financial year 2009-10. Am I liable to deduct TDS on payment of this amount? Or I have to deduct TDS on amt. credited to the party’s account in current financial year for current year transaction from Rs. 1.

 

Thanks & regards

 

Umesh gautam