Tds
This query is : Resolved
CA. Jyoti Baid
(Querist)
16 October 2012
Respected All,
Please refer to the following:
A company pays Rs. 30000 on 30/09/2011 in the F.Y. 2011-12 to a professional and no tax was deducted u/s. 194J as the amount was within the threshold limit.
Now the company makes payment of Rs. 5000 to the same professional on 30/03/2012 in F.Y. 2011-12 and forgets to deduct TDS on payment made.
Now, amount of disallowance for non deduction of TDS will be Rs. 3,000/- or Rs. 33,000/-?
Regards
Please refer to the following:
A company pays Rs. 30000 on 30/09/2011 in the F.Y. 2011-12 to a professional and no tax was deducted u/s. 194J as the amount was within the threshold limit.
Now the company makes payment of Rs. 5000 to the same professional on 30/03/2012 in F.Y. 2011-12 and forgets to deduct TDS on payment made.
Now, amount of disallowance for non deduction of TDS will be Rs. 3,000/- or Rs. 33,000/-?
Regards
CA C.JANANI
(Expert)
16 October 2012
There is no question of minimum exemption.Hence once threshold of 30000 is crossed TDS has to be deducted on the whole 33000 otherwise disallowance crops up on entire Rs.33000
16 October 2012
The whole amount of Rs. 33,000/- shall be disallowed u/s 40(a)(ia).
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