Tds related

This query is : Resolved

gopal (Querist)
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01 June 2015 Dear sir,

we have contract with courier person. is it deducted under tds. if yes, theb we we will deducted tds ? is it deducted on whole amount ?

kindly explain me in detail.

Amol S Joglekar

Amol S Joglekar (Expert)
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01 June 2015 TDS is deductible in such contract on whole amount.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 June 2015 only if the gross amount exceeds the threshold limit under sec 194C.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 June 2015 TDS to be deducted u/s 194C if threshold limit is crossed.

Threshold limit:

Single Bill/Payment Rs 30000/-
Annual Total Rs 75000/-

Rate of TDS:

Individual/HUF @1%
Others @ 2%
No PAN @20%.

TDS to be deducted on amount excluding Service Tax.