Pyment to sub contractors
This query is : Resolved
16 March 2011
Dear Experts,
One of the subcontractor has raised a Job work bill for an amount of Rs 3,00,000 against our firm and we have deducted TDS on the said amount now my question is can we pay him in cash as per provisions applicable i.e a single payment below Rs 30,000 because we have huge cash balance in our books
Give me reply as early as possible t is very urgent
Thanks in advance
One of the subcontractor has raised a Job work bill for an amount of Rs 3,00,000 against our firm and we have deducted TDS on the said amount now my question is can we pay him in cash as per provisions applicable i.e a single payment below Rs 30,000 because we have huge cash balance in our books
Give me reply as early as possible t is very urgent
Thanks in advance
16 March 2011
No. Becuase, the Rule 6DD says cumulative cash payments shall not exceed Rs.30000/= in a year. Though you have deducted tax.
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