Hi All,
Can anybody clarify If Payment to contractors as an individual Rs.76000 p.a then howmuch TDS need to be deduct ? whether Total Payment Rs.76000 ? or Rs.1000 only i.e (Exceeding Rs.75000)
8 Replies
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 23 April 2013
On total 76,000/- @ 2% if dedctee is compnay or Firm otherwise @ 1%
Prashanth S K
(Practice)
(148 Points)
Replied 23 April 2013
TDS has to be deducted on the entire sum of Rs 76,000 only..Ensure that the payer which in your case is an individual is liable for tax audit u/s 44 AB..If he is not liable for tax audit he need not deduct TDS at all.
CA BINIT SHAH
(ERP Consultant & Tax Consultant)
(411 Points)
Replied 23 April 2013
Tds has to be deducted on the entire amount of Rs 76000.
Shivaram Krishnan
(Partner)
(50 Points)
Replied 23 April 2013
TDS on full payment once its exceeds the exemption limit
Hemchand Kohli
(Accountant)
(889 Points)
Replied 23 April 2013
TDS to be deducted on total payment of Rs. 76000/- 2% for Company & HUF and 1% for others
Kishore Dichwalkar
(PRACTICING CHARTERED ACCOUNTANT)
(45 Points)
Replied 23 April 2013
I agree with Prashanth's reply.
An Individual, if he is not subject to Tax Audit u/s 44AB, not required to deduct tax at source.
HARI KRISHNA
(B.COM ACA CMA)
(412 Points)
Replied 23 April 2013
TDS IS TO BE DEDUCTED ON TOTAL AMOUNT
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