Nature of TDS deduction on contractors,etc
This query is : Resolved
18 March 2011
For the purpose of TDS deduction, the aggregate payment to a contractor should be Rs. 30000 one time/ or 75000 in aggregate. My question is that does the law ask us to deduct tax based on individual transactions entered into with the contractor or in totality.
For eg. If in an year, i make payments of Rs. 45000 each(in 3 instalments) to 4 different contractors, m i required to deduct TDS on the same??
For eg. If in an year, i make payments of Rs. 45000 each(in 3 instalments) to 4 different contractors, m i required to deduct TDS on the same??
18 March 2011
Limit is on individual.
Say you pay Rs 29000/- (single Bill) to MR A
&
Rs 29000/- (single Bill) to MR B
TDS deduction not required on both bill as the individual limit is Rs 30000/-
Say you pay Rs 29000/- (single Bill) to MR A
&
Rs 29000/- (single Bill) to MR B
TDS deduction not required on both bill as the individual limit is Rs 30000/-
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