29 April 2013
As per section 194C: MONETARY LIMIT: RS. 30000/- OR 75000/-
TDS shall be necessary in following cases –
If the amount (i.e. single sum) credited or paid to the account of the payee, exceeds Rs.30000/- or
If aggregate of the amounts credit or paid to the payee during the financial year exceeds Rs.75000/-
My query is...... what if one of the payments to contractor exceeds Rs. 30000/- but payment during the year is less than Rs. 75000/-. Whether TDS to be deducted on only one payment where it is exceeding Rs.30000/- or all the payments made.
29 April 2013
only on that payments which exceeds 30000, in case total for the f.y. once exceeds 75000, then on every payment in that account, even of Rs 1000/- whether deducted before or not, once exceeded you have to deposit on all payments made so far.
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