regarding income tax
This query is : Resolved
04 November 2010
Dear sir,
i want to know suppose tds not deducted on bill of 20,000/- as the limit is of 30,000/- but again one more bill accounted for Rs.20000/- and limit cross of 30,000/- in the same year then TDS Will be deducted on whole amount. in this case whether interest will be applicable or not on earlier amount in which tds not deducted ?
pl.reply.
i want to know suppose tds not deducted on bill of 20,000/- as the limit is of 30,000/- but again one more bill accounted for Rs.20000/- and limit cross of 30,000/- in the same year then TDS Will be deducted on whole amount. in this case whether interest will be applicable or not on earlier amount in which tds not deducted ?
pl.reply.
04 November 2010
If limit crossed TDS will be deducted on whole amount.
For TDS rates and limits see below link--
https://www.caclubindia.com/forum/details.asp?mod_id=109491
For TDS rates and limits see below link--
https://www.caclubindia.com/forum/details.asp?mod_id=109491
CA Ankit Shah
(Expert)
05 November 2010
TDS liability arise when payment / credit amount exceed basic limit 30,000 / 75,000.
When payment to be made presently, then NET payment should be made after considering earlier payments also.
No interest liability arise for earlier payments TDS
When payment to be made presently, then NET payment should be made after considering earlier payments also.
No interest liability arise for earlier payments TDS
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