Naveen Chand Khulve (CA) (1521 Points)
08 August 2009Please confirm that whether TDS will be applicable or not in following cases:
A multipurpose printing machinery was purchased from a party of Rs 5,00,000 during the year 2008-09. Later on a bills was received of Rs 8000 (related to charges of paper printing on the basis of contract) in the same financial year. Since payment on a/c of contract does not exceed Rs 20,000 whether TDS will be deducted on that bill or not.
Thanx in advance
Valli
(asst. manager)
(30 Points)
Replied 08 August 2009
| Originally posted by :Naveen Chand Khulve | ||
| " | Please confirm that whether TDS will be applicable or not in following cases: A multipurpose printing machinery was purchased from a party of Rs 5,00,000 during the year 2008-09. Later on a bills was received of Rs 8000 (related to charges of paper printing on the basis of contract) in the same financial year. Since payment on a/c of contract does not exceed Rs 20,000 whether TDS will be deducted on that bill or not. Thanx in advance |
" |
No This transaction does no attract TDS . TDS will applicable only if payment exceeds Rs 20k for each and Rs 50K in One FY. as of now your payment is didn't exceeds Rs 20k . so no need of deducting TDS. and if the payment is going to exceed RS 50K in one Fy then you can deduct TDS on this trans. if not No TDS.
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 08 August 2009
T.D.S is not attacted bcz in one financial year pay ment not exceed 20000 then deduct tax
CAclubindia
