If a Co.providing water cleaning service then on such services Tds should be deducted or not.If Yes then under which Section???????
7 Replies
Anil
(1638 Points)
Replied 03 March 2008
TDS is to be deducted if total payment exceeds Rs.20000 in a year. It is to be deducted u/s 194C.
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 03 March 2008
TDS has to be deducted u/s 194C, if single payment exceeds Rs.20000 or cumulatively in a year exceeds Rs.50000.
CA. Kirti S. Ganatra
(Service)
(1461 Points)
Replied 03 March 2008
Yes TDS to be deducted if single bill is above 20000/- or total above 50000/- . on Full amount TDS to be deducted
Anil
(1638 Points)
Replied 03 March 2008
Sriram, I agree with you . Thanks for correcting.
Jyoti, the TDS has to be deducted even if the amount is credited in books as payable, though actual payment may be made later.
O.D.SHARMA
(DGM-F & A)
(1734 Points)
Replied 03 March 2008
Depends on volume of work if single transaction is >20korcumulative 50K.94c is applicable.
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 03 March 2008
If the amount paid or credited exceeds Rs.20000/- for a single transactions or the total value of transactions credited or paid to a single party exceeds Rs.50000/-, TDS should be deducted u/s 194C.
Rajkumar Nallah
(Consultancy - I.T Recruitment)
(25 Points)
Replied 27 March 2008
The amounts paid on Services of the similar nature would attract TDS if each bill is over and above Rs.20,000/- in single or Cumulatively Rs.50,000/- in an accounting year.
Further if no tds is deducted the amount so debited to P & L Account shall not qualify for deduction out of profits.
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