I have received the following bills from a contractor:
April18=20000
May18 =31000
June18 =20000
There is no doubt regarding deduction of TDS on May18 bill (Rs 31000) . But my question is:
(1) whether TDS shall be deducted on April18 bill while deducting TDS on May18bill.
(2) whether TDS shall be deducted on June18 bill.
Reason of these questions:
If we assume that monetary limit of Rs one lakh has exceed at May18 bill then answer of the above two questions would have been affirmative.
1 Replies
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 07 September 2018
Even though your limit doesn't exceed on May'18 but we need to deduct TDS on all. As particular bill exceeded of May'18. And once you have started to deduct TDS, you need to deduct on whole.
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