Regarding Deduction of TDs.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 June 2011
Respected Sir,
we have paid a contractor Rs 25000/- and we have not deducted TDS because it is first time and below of limit of 30000/-.
Again we have to pay 25000/- with in a month.
Now my question is should we deduct TDS of RS 25000/- or 50000/- kindly guide me .
With regards
verma
we have paid a contractor Rs 25000/- and we have not deducted TDS because it is first time and below of limit of 30000/-.
Again we have to pay 25000/- with in a month.
Now my question is should we deduct TDS of RS 25000/- or 50000/- kindly guide me .
With regards
verma
CA MANOJ GUPTA
(Expert)
14 June 2011
U WILL HAVE TO DEDUCT TAX IF THE PAYMENT EXCEEDS 30000 IN ONE GO OR 75000 IN AGGREGATE
SO FAR THE TOTAL PAYOUT DOES NOT EXCEED 75000 NO TAX IS TO BE DEDUCTED
CA MANOJ GUPTA
JODHPUR
09828510543
SO FAR THE TOTAL PAYOUT DOES NOT EXCEED 75000 NO TAX IS TO BE DEDUCTED
CA MANOJ GUPTA
JODHPUR
09828510543
15 June 2011
In my opinion no tax is deducatable as has been rightly been suggested by CA Manoj Gupta but be on safe side and deduct 2% Tax on the entire payment and deposit the same.
C. A. S. S. Agarwal, Mumbai
09870243410
C. A. S. S. Agarwal, Mumbai
09870243410
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