tds querry

ANKSS (CA) (151 Points)

23 November 2010  

From 1/7/10 tds u/s 194c is to be dedcuted if pay/credit exceeds 30000 or 75000 in f.y..

Previously limit was 20000 & 50000.

suppose before 1/7 credit of Rs 49000 has been given to party, but is below 20000. & now after 1/7 credit has been given of 74000, but below 30000. so in a year total credit is above 75000

so whether tds shud be deducted???

I hav querry that whether the limit of 50000 & 75000 shud be considered seperately i.e. 50000 for 3 months & 75000 for the other 9 months.....