Clarification regarding tds deduction
This query is : Resolved
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 ?
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/-
15 December 2011
thank you so much Dear Sir Aijaz Shaikh
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Specified Profession
- Last year TDS Claim
- TDS related Query_Liquidated Damages
- STCG FOR GOLD ETFs
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
