Clarification regarding tds deduction

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ARJUN CHARAN SAHOO (Querist)
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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 ?

Aijaz Shaikh

Aijaz Shaikh (Expert)
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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/-

ARJUN CHARAN SAHOO

ARJUN CHARAN SAHOO (Querist)
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15 December 2011 thank you so much Dear Sir Aijaz Shaikh

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