Tds

This query is : Resolved 

28 December 2013 IF PAYMENT MADE TO SECURITY GUARD AGENCY THAN UNDER WHICH SECTION WE DEDUCT THE TDS(IF U/S 194C THAN CLEAR THE LIMIT OF 30000 & 75000)

28 December 2013
Security agency payments will be covered under 194 C. As such, single payment excess Rs 30,000/- or 75,000/- in a year, then Tds @ 2% have to be deducted.

28 December 2013 194C shall apply. With regards to limit, if any payment exceed Rs 30 thousand TDS shall apply. In case the individual invoices are less than 30 thousand but the overall payments/ or likely payments during the year exceed Rs 75 thousand, then TDS shall apply on the whole of the amount.


28 December 2013 suppose a payment of 90000 is made in a year than tds is to be deducted on amount that exceeds 75000i.e 15000 or on whole amt i.e. 90000

28 December 2013
Nishan if you are making the payment of Rs 90,000/- then tax have to be calculated on Full amount and not differential amount.

Calculation is

90,000*2/100= 1800

28 December 2013 sir i mean to say if 90000 is paid in a year on monthly basis i.e 7500 than wats the calculation

28 December 2013 Dear Nishan

If the security charges is 7500/- PM then you have to deduct Rs 150/- and Rs 7350/- have to be paid to the security agency

TDS calculation

(7500*2/100=150)

30 December 2013 in case of a firm rate is 1% or 2%???

30 December 2013 for firms, 2% shall apply.

30 December 2013 THE EXEMPTION LIMITS GIVEN IN TDS CHART WHAT DOES THIS MEANS??? TDS IS APPLICABLE AFTER THAT LIMIT ONLY ON BALANCE AMOUNT, IS IT SO??

30 December 2013 exemption limit means that if the total payments made or likely to made during the year dont exceed the said amount, then TDS is not applicable. However, if it exceeds, then TDS is applicable on the whole of the amount.

30 December 2013 suppose if initially tds is not deducted bcoz payments are not certain than can we deduct tds once it crosses the exemption limit

30 December 2013 yes. in such a case, you may deduct the whole of TDS (including TDs not deducted in past) against new payment being made to the contractor.

30 December 2013 whether tds is deductible on advance payment??

30 December 2013 yes it is applicable.


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