TDS
This query is : Resolved
Ashish Ranpara
(Querist)
01 May 2009
A TRUCK OWNER WHO ARE PAID AMOUNT ON CONTRACT BASE AND AMOUNT OF PAYMENT IS EXCESS RS. 20000/- IN ONE TRIP BUT DOES NOT EXCESS RS. 50000/- DURING THE YEAR AND AMOUNT OF PAYMENT IS PAID IN TWO INSTALLMENT ONE AT THE TIME OF TRIP AND BALANCE IS ON FINISHING THE TRIP THEN WHETHER AMOUNT OF PAYMENT IS LIABLE TO TDS???
CA. B.SRINIVASULU
(Expert)
01 May 2009
Yes. Since one bill value is more than 20000 you have to deduct tds.
As per 194c if a individual bill is more than 20000 or cumulative for a year will exceed 50000 then TDS has to be deducted.
As per 194c if a individual bill is more than 20000 or cumulative for a year will exceed 50000 then TDS has to be deducted.
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