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Tds query

Paresh T (1 Points)

06 February 2018

TDS limit on payment to contractor for partnership firm

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3 Replies

Aman (In practice) (31 Points)
Replied 06 February 2018

u/s 94c, 30,000/- for individual bill & 1,00,000/- for aggregate bills during year

CA Darshit Shah (76 Points)
Replied 06 February 2018

Tds need to be deducted if value of single contract exceeds Rs. 30,000.
However, Tds is also required to be deducted incase aggregate value of all the contracts in a financial year exceeds Rs. 100,000.

shabnoor (accountant) (36 Points)
Replied 06 February 2018

TDS incase payment is made to contractor is as follws

in case payment is made to individual/HUF and payment exceed RS. 30000/- on single transaction or RS. 100000/- in a year then 1% TDS need to be deducted. incase payment made to other than individual/HUF. the rate is 2%.