Tds

This query is : Resolved

prince (Querist)
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15 December 2014 Dear Experts

is tds deducted on lobour cost for wheat unloading at godown?

my clent makes entry in tally is:
Wheat Exp A/c Dr
to Imprest-xyz(person name)

should they Deduct tds?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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15 December 2014 if they are contracted labours then no tds is applicable

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 December 2014 What is the payers status? If status is Individual and Tax Audit was not applicable in previous financial year then TDS not required to be deducted. Otherwise TDS to be deducted u/s 194C if threshold limit is crossed.

Threshold limit:
Single payment Rs 30000/-
Annual payment Rs 75000/- p.a.

Rupesh Jain

Rupesh Jain (Expert)
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15 December 2014 if your labour single bill is rs. 30000/- above
and in a year rs. 75000/- the you have to deduct the tds of the party you give the bill not the imprest a/c holder.