SECTION 194C TDS

This query is : Resolved

Deepak Jain Salecha (Querist)
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15 January 2021 WE HAVE RECEIVED BILLS OF CONTRACT RS 15000 ON 30-04-2019 RS 25000 ON 31-05-2019 AND WE HAVE MADE PAYMENT RS 45000/-(SINGLE CHEQUE) ON 31-07-2019 .WHETHER WE ARE REQUIRED TO DEDUCT TDS U/S 194C IF YES THEN WHEN AND WHY AND THE AMT ON WHICH TDS IS REQUIRED TO BE DEDUCTED.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2021 As single payment exceed 30,000 TDS applicable on 45,000.

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Deepak Jain Salecha

Deepak Jain Salecha (Querist)
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18 January 2021 RESPECTED SIR,IF I HAVE RECEIVED BILLS OF CONTRACT ON 15/03/2019 RS 15000/- AND RS 25000/-ON 30-03-2019 FROM A SINGLE CONTRACTOR AND BOTH CONTRACTS ARE SEPRATELY ENTERED. I HAVE MADE NO PAYMENT UPTO 31-03-2019 AND MY BOOKS OF ACCOUNTS HAS BEEN AUDITED U/S 44AB. IN F.Y. 19-20 I HAVE MADE PAYMENT OF RS 45000/- ON 15-04-2019 WHETHER I WILL BE REQUIRED TO DEDUCT TDS U/S 194C AND IF YES,THEN TIME WHEN IT IS TO BE DEDUCTED AND WHAT WILL HAPPEN IF I DONT DEDUCT TDS SINCE THIS EXPENSE HAVE ALREADY BEEN ALLOWED IN F.Y. 18-19 AUDIT AND WHAT IS THE RESPONSIBILITY OF AUDITOR OF F.Y. 18-19

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 January 2021 As on 31st March iability created for 2 bills less than 30,000 each TDS provisions not applicable.
TDS provisions applicable in April when single payment exceed 30000.

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