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Tds u/s-94c (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
14 May 2012

Dear all,
please help me to solve a query

"a contractor issued a single bill to ABC limited during a particular financial year Amounting Rs.31000/-" what would be the treatment for TDS??

"In the same case if he issued total of 3 bills during the year amounting to Rs 31000, Rs 10000, & Rs.10000 respectively....in this case can i deduct TDS on Rs. 31000 or.....???? "



CA PARAS BAFNA

( Expert )
14 May 2012

On a single Bill of Rs. 31000/- TDs is required to be deducted.
.
On all the bills TDS is required to be deducted.
.



Author : Anonymous

( Author )
15 May 2012

but you r not crossing the limit of Rs 75000/-.......
once deducted means should we have to deduct in all subsequent bills, even if we r not crossing the limits as per provisions??


Author : Anonymous

( Author )
15 May 2012

m still confused on this


Mihir Doshi

( Expert )
15 May 2012

Yes, TDS will be deducted

What you can do is for subsequent bill, you can make payment without deduction of TDS as Bill amount is not going to cross 75000/-


Mihir Doshi

( Expert )
15 May 2012

Yes, TDS will be deducted

What you can do is for subsequent bill, you can make payment without deduction of TDS as Bill amount is not going to cross 75000/-


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