sec194c

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hemanth (Querist)
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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)
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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)
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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)
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25 August 2010 single amount and not single contract

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 August 2010 Single amount means single amount paid or credited.

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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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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