Clarification regarding tds deduction
This query is : Resolved
ARJUN CHARAN SAHOO
(Querist)
14 December 2011
AS U KNOW TDS DEDUCTION LIMIT IN CASE OF CONTRACTS IS RS.75,000/- IN AGGREGATE P.A OR RS.30,000/- SINGLE PAYMENT.
SUPPOSE , THE SAME CONTRACTOR HAS NOT BEEN PAID ANY AMOUNT THAT CROSS RS.30000/- THROUGHT OUT THE YEAR. HE HAS BEEN PAID RS.70,000/- FROM APRIL TO FEBRUARY-11. BUT IN MARCH RS.6000/- PAID.
Q-1) WHAT AMOUNT OF TDS WILL BE DEDUCTED IF RATE IS 1% ? RS.10 OF THE AMOUNT EXCESS PAID (76000-75000) ? OR TDS ON THE WHOLE AMOUNT ON RS.76000/- @ 1% RS.760/-.
Q-2) WHETHER TDS APPLICABLE IF THE CONTRACTOR WILL BE PAID RS.5000/- IN THE MONTH OF MARCH-11 WHERE TOTAL PAYMENT COMES TO RS.75000/- EXACTLY THROUGHOUT THE YEAR 2010-11 ?
SUPPOSE , THE SAME CONTRACTOR HAS NOT BEEN PAID ANY AMOUNT THAT CROSS RS.30000/- THROUGHT OUT THE YEAR. HE HAS BEEN PAID RS.70,000/- FROM APRIL TO FEBRUARY-11. BUT IN MARCH RS.6000/- PAID.
Q-1) WHAT AMOUNT OF TDS WILL BE DEDUCTED IF RATE IS 1% ? RS.10 OF THE AMOUNT EXCESS PAID (76000-75000) ? OR TDS ON THE WHOLE AMOUNT ON RS.76000/- @ 1% RS.760/-.
Q-2) WHETHER TDS APPLICABLE IF THE CONTRACTOR WILL BE PAID RS.5000/- IN THE MONTH OF MARCH-11 WHERE TOTAL PAYMENT COMES TO RS.75000/- EXACTLY THROUGHOUT THE YEAR 2010-11 ?
Aijaz Shaikh
(Expert)
14 December 2011
1) Amount of TDS to be deducted Rs. 760/- i.e on Rs. 76000/-
2) Not Liable to deduct TDS since the payment does not exceeds Rs. 75,000/-
2) Not Liable to deduct TDS since the payment does not exceeds Rs. 75,000/-
ARJUN CHARAN SAHOO
(Querist)
15 December 2011
thank you so much Dear Sir Aijaz Shaikh
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