Requirement for deducting tds
This query is : Resolved
20 August 2015
Dear Members,
According to 194C, TDS should be deducted when any single bill amount is more than Rs. 30,000 or total payment amount goes above is Rs. 75,000 in a single financial year.
My question is that, company has paid Rs.35,000 to contractor for a single bill and TDS is deducted on the same. After that company has made payment to same contractor amounting to Rs.20,000/- in the same financial year. Is company liable to deduct TDS on Rs.20,000/- even if total payment is not exceeding Rs.75,000/- limit in a year.
According to 194C, TDS should be deducted when any single bill amount is more than Rs. 30,000 or total payment amount goes above is Rs. 75,000 in a single financial year.
My question is that, company has paid Rs.35,000 to contractor for a single bill and TDS is deducted on the same. After that company has made payment to same contractor amounting to Rs.20,000/- in the same financial year. Is company liable to deduct TDS on Rs.20,000/- even if total payment is not exceeding Rs.75,000/- limit in a year.
20 August 2015
No TDS applicable for the payment of Rs 20,000 as total payment not exceeding Rs 75,000.
Message likes :
1 times
20 August 2015
Agreed with Seetharamanji.
These are two separate conditions, You need to check each at the time of deduction.
In first Case 35k- One Criteria is fulfilled. (Exceed 30k)
In second Case:- Both criteria not applicable, hence No TDS Applicable.
These are two separate conditions, You need to check each at the time of deduction.
In first Case 35k- One Criteria is fulfilled. (Exceed 30k)
In second Case:- Both criteria not applicable, hence No TDS Applicable.
Message likes :
1 times
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
- Annexure B utility for GST Refund
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
