on 30/4/2011 co has paid contract charge of rs 50000 in which tds has been deducted. on subsequent date the co has paid the contract charge of 10000 (another invoice) in which the company has not deducted the tds. since it is a single contract 30000 limit has been exceeded.
does the contract falls under the limit of 75000? is this a tds default?
As per my understanding and reading of section:
Section talk about payment to be made "single time and aggregates of such single time payments" likely to be exceeds the prescribed limits. It will not relate the payments and the contract.
So there is no default.
Abic and Mani Chartered Accountants
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