Tds - 194 c
This query is : Resolved
05 July 2012
I have made the following Payments under Sec 194 c. (Rs 15000+15000+15000+20000+10000+25000) = Rs 100000. Am I required to deduct TDS for the balance Rs 25000 or for the whole of Rs 100000
05 July 2012
TDS to be deducted on entire Rs 1,00,000/-.
When threshold limit is crossed TDS is deducted on Total amount. Limit mentioned is threshold limit and not the exemption limit.
When threshold limit is crossed TDS is deducted on Total amount. Limit mentioned is threshold limit and not the exemption limit.
05 July 2012
Yes agree with above expert ...
TDS IS TO BE DEDUCTED ON WHOLE AMOUNT.
NO EXEMPTION LIMIT.WHEN CROSS LIMIT.
TDS IS TO BE DEDUCTED ON WHOLE AMOUNT.
NO EXEMPTION LIMIT.WHEN CROSS LIMIT.
05 July 2012
Yes agree with above expert but i would like to add something.
Prasanna ji, you will have to pay interest also for the earlier amount of Rs.75000/- if the payment is made in different months for the respective amount.So TDS will be deposited on 25000/- plus on 75000/-with interest on 75000/-(if payment months differ)
Prasanna ji, you will have to pay interest also for the earlier amount of Rs.75000/- if the payment is made in different months for the respective amount.So TDS will be deposited on 25000/- plus on 75000/-with interest on 75000/-(if payment months differ)
05 July 2012
Don't agree with Mr. Rahul Gupta. as per 194 C if one bill is not more than 30000/- then TDS liability will incure when total payment will cross 75000/-. So in present Case till 75000 no tds to be deducted. But when 25000 bill came then you must deduct TDS on full 1 lakh. then no violation of act is there. So no interest to be paid. Only TDS on 1 lakh will be deducted and same will be paid
05 July 2012
Thanks for all the above who clarified me. Is it simalar with the case of 194 j - Paymnts - Rs (20000+45000)? Is it for whole of Rs 65000 or for Rs 45000?
05 July 2012
Dear Prasanna
after 30 June 2010 this limit is 30000/-. So no TDS in 194 J till 30000/-
same type of case same type of reply. you will deduct TDS on full 65000
after 30 June 2010 this limit is 30000/-. So no TDS in 194 J till 30000/-
same type of case same type of reply. you will deduct TDS on full 65000
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Eway bill for machinery reparing
- Annual return of gst limit
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
