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Tds

This query is : Resolved 
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(Querist)
03 December 2013 Dear Friends,

Kindly advise that We have not deducted TDS of a vendor in the previous payment (bill) because payment amount have not cross limit.

Example :-

X vendor (Contractor 194-C) raise a bill of Amount 27,077/- on 15.08.13 but not deducted thats time and nor booked in return after that second invoice raise 26,218/- on 15.11.13.

then how to calculate and book in the software.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
03 December 2013 Single Bill limit is 30000/-.
.
Aggregate Bills limit is 75000/-.
.
If you add the amount of the 2 bills it's below 75000.
.
You are not required to deduct TDS.
.
You have to report the 0 TDS amount transactions in E-TDS return as showing the same as below threshold limit.
.
You can deduct the TDS when the Aggregate Bill amount crosses Rs 75000/-.
.
At that time you have to deduct TDS on all the bills including those paid earlier in the same financial year.
.
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Neeraj Tripathi

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Neeraj Tripathi (Querist)
03 December 2013 thanks......
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