Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 December 2011
If basic tds threshold limit is crossed should tds be deducted on YTD balance or balance in excess of threshold limit or is there any other mode. Pl clarify
Let us say in case of 194J - Limit is 30000.
if once the limit is crossed should tds be made on all amounts after crossing this limit or on the entire ledger balance.
Let us say in case of 194J - Limit is 30000.
if once the limit is crossed should tds be made on all amounts after crossing this limit or on the entire ledger balance.
17 December 2011
To be deducted on total amount and not on amount in excess of threshold limit.
Example:
Section 194J-
Upto 30000/- no TDS. When it crosses 30000/- say Rs 31000/- TDS to be deducted on Rs 31000/- @10%.
Hope its clear now.
Example:
Section 194J-
Upto 30000/- no TDS. When it crosses 30000/- say Rs 31000/- TDS to be deducted on Rs 31000/- @10%.
Hope its clear now.
Message likes :
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Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2011
Yes its very clear now..Thanks for the reply. However is this mentioned anywhere probably in the section or in circular etc
18 December 2011
Yes. It is very much mentioned in the respective sections itself. Like section 194J says--
TDS deduction is not required If the aggregate amount of payment made/credited or likely to be paid/credited does not exceed Rs.30,000/- in a financial year (from 1.7.2010). It was Rs.20000 previously.
Which means TDS deduction is required once it crosses the threshold limit.
TDS deduction is not required If the aggregate amount of payment made/credited or likely to be paid/credited does not exceed Rs.30,000/- in a financial year (from 1.7.2010). It was Rs.20000 previously.
Which means TDS deduction is required once it crosses the threshold limit.
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