No tds shall be deducted if total amount payable during the entire P.Y. is upto 50000 but if one time amount payable exceed Rs. 20000 then TDS shall be deducted on tht payment. TDS will be deduct as contractor for the accounting year 2010-11. If contractor is individual or HUF then tax will be deduct @ 1% and if other then @ 2%.....
Yes, TDS Limit has been increased u/s 194C from Rs.20000 (50000 in a year) to Rs.30000 (75000 in a year)......... So TDS should be deducted from Bill of Invoice printing accordingly......
I didn't hear till now amendment like that in particular section.
Ammendment mentioned by Mr. Parag is correct. This ammendment has been brought by Finance Act, 2010. There are many other section of TDS as well where the limits of TDS deduction has been enhanced by the Finance Act, 2010.
is tds is required to deduct on bill of invoice printing above 30000/- for accounting year 2010-11 ?
As per Section 194C TDS will be levied under this section for carrying out any work (including supply of labour for carrying out any work). Here in the above case if you are in contract with the party for printing work then TDS will be applicable. However if this bill is for payment of sale of goods then Section 194C will not be applicable.
Leave a Reply
Your are not logged in . Please login to post replies