Section 194ia
This query is : Resolved
07 September 2019
Hi
Can we deduct TDS u/s 194IA by consolidating some advance payments which totals less then 50 lakh?
For eg.- Ram paid Rs. 10 lakh in April, Rs. 10 lakh in May, RS. 25 lakh in June and 7 lakh in July (Totals to Rs. 52 lakh).
So in this example can we deduct and pay TDS in July as amount is crossing 50 lakh (threshold) in July or we have to mandatorly pay TDS with each installment?
Thanks in Advance
Can we deduct TDS u/s 194IA by consolidating some advance payments which totals less then 50 lakh?
For eg.- Ram paid Rs. 10 lakh in April, Rs. 10 lakh in May, RS. 25 lakh in June and 7 lakh in July (Totals to Rs. 52 lakh).
So in this example can we deduct and pay TDS in July as amount is crossing 50 lakh (threshold) in July or we have to mandatorly pay TDS with each installment?
Thanks in Advance
CA R SEETHARAMAN
(Expert)
08 September 2019
You have to mandatorly pay TDS with each installment
CA PARTH SHAH
(Expert)
08 September 2019
You can deduct tax directly in the last installment of 7 lakhs.
CA R SEETHARAMAN
(Expert)
09 September 2019
As per Section 194IA, TDS is to be deducted at the time of payment. ... Therefore, irrespective of the date of transfer, the TDS is required to be deducted at the time of payment. So even if advance payment is being made, TDS would be required to be deducted in each advance payment.
CA PARTH SHAH
(Expert)
09 September 2019
But since the limit threshold limit is 50 Lakhs for section 194IA, tds can be deducted when the advance payment exceeds 50 lakhs
10 September 2019
CA R SEETHARAMAN Sir and CA parth shah sir now this situation is getting more confusing, Kindly clarify.
CA R SEETHARAMAN
(Expert)
11 September 2019
I have quoted the provisions you have to comply with it.
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