Applicability and deduction of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2013 Hello,

If an individual has entered for a contract @6500 per month i.e. 78000 per annum as on 01.11.2013, whether payee required to deduct TDS or not on such payment although payment is released on monthly basis?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 December 2013 yes it is deductible. Refer 194c(5). the section shall apply even where it is likely that annual payment shall exceed Rs 75000.

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2013 Hello,
Mr. Kaushik,

There is also one issue in the said query that since actual payment is done of Rs.32500.00 i.e. Rs.6500 per months for F.Y. 2013-14, what will be applicability?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 December 2013 friend that is why I said where it is likely. As you said that during the current year it wont, you may not withhold any tax.

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