( Querist )
19 July 2013
Please help me on following issue.
In F.Y 2012-13 company made provision of Rs.25000 for fees payable to professional service provider. As amount of provision did not exceed limit,no TDS was deducted.
In F.Y 2013-14 the actual payment of said fees was made along with adv. for F.Y 2013-14 Rs. 30,000. Hence total amount paid or credited aggregated to Rs. 55,000.
Is the company liable to deduct TDS on entire amount of Rs. 55,000/- ??
Because plain reading of the section suggests that TDS should be deducted if amount paid or credited during f.y exceeds the threshold limit. Will it matter that part of the fee pertains to F.Y 2012-13 and part of it pertains to F.Y 2013-14 ?