Tds on contractors
sandeepbommisetty (vijayawada) (63 Points)
28 October 2016sandeepbommisetty (vijayawada) (63 Points)
28 October 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 28 October 2016
1. For the current financial year the threshold limit for total transactions, u/s. 194C has been increased to 1 lakh, from 75K. Single transaction limit remains same as 30K
2. So either of the two limits exceeds, the TDS has to be deducted on total payments, including earlier ones.
3. In your case the limit exceeds in first payment itself, so TDS has to be deducted on 35K itself, and on all succeeding payments.
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 28 October 2016
To be deducted on all payments from when it crossed the limit of 30000