T.D.S. provisions

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Ankit (Querist)
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11 October 2009 If an assessee not deducted tds while making payment but subsequently in same F.Y. ( by crossing limit say Rs 50000 u/s 194C or 120000 u/s 194I) he is required to deduct tds

my query is while deducting TDS on Subsequent payments whether he is required to deduct tds on payment made earlier or just deduct only on subsequebt payment?

Jitender

Jitender (Expert)
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11 October 2009 he is required to deduct on all earlier payments also.

Taranjit Singh

Taranjit Singh (Expert)
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11 October 2009 Deduct on all payments even on earlier payments.

CA Binal Shah

CA Binal Shah (Expert)
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12 October 2009 No, tax is to be deducted only on subsequent payments...

Pls read the provision in detail..

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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12 October 2009 TAX HAS TO BE DEDUCTED ON ALL PAYMENT AS SOON AS THE THRESHOLD LIMIT (RS. 50000) IS CROSSED

bharat kumar

bharat kumar (Expert)
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12 October 2009 Suppose if first 5 bills comes to Rs.40000

and 6th bill Rs.20000

TDS should be calculated for Rs.60000(40000+20000) @ 10%

It is better to deduct from all parties from 1st bill onwards in order to avoid such situation.

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CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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12 October 2009 I agree with Mr. Kumar only in case you know that annual payment will exceed the threshold limit or INR 50,000 or 1,20,000 as the case may be.

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Ankit

Ankit (Querist)
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14 October 2009 Thank you Mr. Sanjay & Mr. kumar

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