Tax deduction at source
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 April 2012
DEAR SIR,
IF THREESOLD LIMIT NOT CROSSED, THEN IS TDS MANDETORY TO DEDUCT FOR ANY CONTRACT U/S 194C AND PAY TAX NEXT MONTH BETWEEN 7TH ?
IF THREESOLD LIMIT NOT CROSSED, THEN IS TDS MANDETORY TO DEDUCT FOR ANY CONTRACT U/S 194C AND PAY TAX NEXT MONTH BETWEEN 7TH ?
CA PARAS BAFNA
(Expert)
21 April 2012
In case the amount paid/credited till the month in question is below the threshold limit, there is no need to deduct TDS. However, if it is likely to cross during the FY, it is better to deduct & deposit TDS in the respective month of payment/credit.
.
.
CA Kishore Tallam
(Expert)
21 April 2012
Yes. Agree with expert. Limit has to be seen for the total year and not for month. If you think that the total transaction exceeds the threshold limit, its better to start deducting and remitting TDS.
21 April 2012
Is it by way of a contract? If yes then the cost of each tree will be more than the limit as prescribed u/s 194C and accordingly it is to be deducted but as you have stated it is below the limit then the experts are very much correct and I agree with them
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