sec194c

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hemanth (Querist)

25 August 2010 whether u/s194c tds to be deducted on single payment exceeding rs.20,000 or single contract amount exceeding rs.20,000?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

25 August 2010 If the amount paid/payable or credited/likely to be credited to the contractor/sub-contractor does not exceed Rs.30,000/- in a single instance (Applicable from 1.7.2010. previously it was Rs.20,000). However, the total of amounts paid or credited during the financial year should not exceed Rs.75,000/-. If the said amount exceeds Rs.75,000/-, then, the liability for payment arises on the whole of amount paid or credited and not on the amount in excess of Rs.75,000/-.( The limit of Rs.75,000 is applicable from 1.7.2010. Previously it was Rs.50,000)

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hemanth

hemanth (Querist)

25 August 2010 Thank u but here single instance means single payment or single contract amount? which one?

sudhakar ca cwa

sudhakar ca cwa (Expert)

25 August 2010 single amount and not single contract

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

25 August 2010 Single amount means single amount paid or credited.

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)

25 August 2010 Even a single contract of ...say 50000/-, but the single payment or single credit is not more than 29,999/-(w.e.f 1/7/10), then TDS will not apply.

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