Hi Friends,
My client has made total payment of 20000+15000 payment to contarcter.
& tds limit is exhaued but tds in not deduted
Now one more payment come of 10000 so
how much tds amount should dedut
please reply
its urgent
3 Replies
Gowtham
(Student CA IPC / IPCC)
(119 Points)
Replied 02 August 2013
1% for Indiavidual
2% other than individual
For Your case Total = 20000+15000+10000=45000
So 45000*2%= 900 to be deducted from party
Pay - 9100
Sachin Rajput
(account exe)
(593 Points)
Replied 02 August 2013
You need to deduct tds on whole amount Rs 45000 @ 2% or 1%
If vendor is company or firm thn- please deduct Rs 900 and paid to Rs 9100 (tds @ 2%)
n if vendor is indivual thn please deduct Rs. 450 and paid Rs 9500 (tds @ 1%)
Rajesh
(student)
(193 Points)
Replied 02 August 2013
Dear All,
Please Note
He need not deduct TDS for Rs.45K.
Since he has not paid single amount Rs.30K or consolidate of Rs.75K.
he has paid only 45k. so, need not deduct TDS
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