20 August 2015
Dear Members, According to 194C, TDS should be deducted when any single bill amount is more than Rs. 30,000 or total payment amount goes above is Rs. 75,000 in a single financial year.
My question is that, company has paid Rs.35,000 to contractor for a single bill and TDS is deducted on the same. After that company has made payment to same contractor amounting to Rs.20,000/- in the same financial year. Is company liable to deduct TDS on Rs.20,000/- even if total payment is not exceeding Rs.75,000/- limit in a year.
CAclubindia
