15 June 2013
If Company X paid to contractor Y Rs.10000/-on 01.04.2012, Rs. 25000/- on 4.06.2012, Rs.20000/- on 14.08.2012 & Rs.25000/- on 31.12.2012. My question is in above case when Company X should deduct TDS? & on each single payment or when payment exceed Rs.75000/- i.e., on 31.12.2012. I want to know if Company X deduct TDS of contractor Y for F.Y. 2012-2013, then Company X deduct TDS from Payment to Contractor Y from beginning of payment or should wait to cross the limit of Rs.75000/-
15 June 2013
We have to report every such payment which is or will be liable to TDS. . On certain payments if you are not deducting the TDS, you can specify the reason as "below Threshold limit" or otherwise. . A deductor will always remain in a comfortable situation if he makes a system of deducting TDS from the very first bill. By doing so, he expresses his best wishes to grow and let grow others. . In your case the company can deduct TDS on the entire amount including the earlier payments on 31.12.2012. . In TDS Return the amount credited or paid may be shown as Rs 25000/- with the higher TDS amount deduction. .
27 June 2013
if tds amount is more than bill amount.e.g. upto 28.02.2013 total payment is Rs.74500/- & bill paid in march 2013 is Rs 1200/-, then how to deduct Rs.1514/-e.g. 2% on 75700/-. how to deduct tds amount from last bill. & what is solution for this
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