Priya (MBA) (63 Points)
14 March 2015Hello, We have just formed a company. I wish to know whether the Rs. 30,000 exemption for TDS deduction is for a single contract or annual limit? I have read multiple articles on the topic and they are all very confusing.
Also, is there any exemption available for companies with revenues of less than Rs. 10 lakh or in their first year of business operation? Thanks
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 14 March 2015
Dear Priya
as per section 194C of income tax act 1961 tds to be deducted on amount paid /credited to contractor for transaction/transactions in day exceeds INR 30000.00
or
Payment Made or credited to contractor during the year is more than INR 75000.00
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