Vinit (CA Final ) (188 Points)
09 March 2013Whether TDS need to be deducted by an Individual (to whom tax audit not applicable i.e his turnover does not exceed Rs. 1 Crore )on payment to labour contractor i.e u/s 194C for the F.Y 2012-13.
If not deducted what are the consequences.
Please reply.
Ganeshbabu K
(Audit and Tax Advisory)
(48559 Points)
Replied 09 March 2013
Liability to deduct tds arise,
when your payment to contractor exceeds 30000 in a single bill, or
aggregate of such sums credited or paid during the year exceeds 75000
CA.D.RAGAVAN
(CHARTERED ACCOUNTANTS)
(219 Points)
Replied 09 March 2013
For the Financial Year 2012-2013 relavent Assessment Year 2013-2014, Since the Turnover is below Rs.100.00 Lakhs in the Individual Business, No need to Deduct TDS U/d. 194C
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