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Abhay Thacker
( Author )
18 August 2012
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Hello, Everyone!!
I have a doubt regarding deduction of TDS on the payment of contractors.
I have paid following amounts and deducted TDS as under:
Date Amount paid TDS Deducted
14/04/2011 14264 0
25/05/2011 15976 0
21/08/2011 29700 300
23/12/2011 11220 0
All above amount is paid to a single contractor.
Should i have to deduct TDS on all payments?
If yes, than how should I do that?
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CA CS Amit S. Kedia
( Expert )
18 August 2012
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No.. Since the total amount does not exceed Rs. 75000 till not and also individually doesnot exceed Rs. 30000..NO TDS is required to be deducted.
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Neha Jain
( Expert )
18 August 2012
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Since aggregate payment do not exceed 75000/- during the FY 2011-2012. There is no need to deduct TDS.
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Amol S. Joglekar.
( Expert )
18 August 2012
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in a lighter mood..... good question for CA final?
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Abhay Thacker
( Author )
18 August 2012
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what if any single payment exceed Rs. 30000, than should i deduct TDS on all payment or only payment above 30000?
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Amol S. Joglekar.
( Expert )
18 August 2012
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The RISK approach suggests, quantify the risk associated with the transaction... the answer shall always be deduct INR750/
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Neha Jain
( Expert )
18 August 2012
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Hi Abhayji,
If single payment exceeds 30000/- then deduct TDS on all payments.
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CA PRAVEEN SINGH
( Expert )
18 August 2012
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IF ANY SINGLE PAYMENT EXCEED RS 30000 THEN THD IS TO BE DEDUCTED.
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naresh
( Expert )
18 August 2012
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If a Single Payment exceeds Rs.30000/- you need to deduct TDS on all the payments
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Abhay Thacker
( Author )
21 August 2012
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thank you all of you..
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