Tds - contractors

nitin (partner) (73 Points)

09 January 2015  

Hi,

I have few doubts, 

1.I read somewhere online that if business turnover is over R.1 Crore per F.Y then only TDS is to be deducted for Contractors. Is it TRUE ?

2.I had paid Advance amount to my Contractor for a certain work in December 2014 and balance payment have to make this month. I had not deducted TDS on the Advance amount i paid. So i can deduct the total amount from the bill or have to deduct separate TDS amount for the advance amount paid ?

Please Clarify.