Tds

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Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2015 my quarries is about 194c tds exemption limit 30000/- p.a., but if i receive bills from a contractor 3 or 4 times in a year then how i can i understand when to deduct tds u/s 194c? pls clarify with example

Sandeep Dharar

Sandeep Dharar (Expert)
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23 July 2015 Dear, 30K is for single payment, but yearly is 75K.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2015 Thanks Mr. Sandeep for your advice...
if a bill received for rs. 40k from contractor & paid against it by two part i.e 25k & after few weeks 15k then should i deduct tds from both 25k & 18k as these payment made a time less than 30k?

Sandeep Dharar

Sandeep Dharar (Expert)
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23 July 2015 If the amount 40K is mentioned in that single bill, then u must deduct TDS, but if the bills r separate for 15K & 25K, then no need to deduct TDS.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2015 Thanks again Mr. Sandeep.

if bills received for rs. 15k in jul, 25k in aug, 2k in sep, 3k in oct from the same party (contractor) & paid according the bills (no tds deducted), but in dec bill recd for rs.17k & rs.20k & its seen total billing crossed 75k then should i deduct tds from dec bill ? if so, then on which amount tds to be deducted?

Sandeep Dharar

Sandeep Dharar (Expert)
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23 July 2015 No dear in that case TDS will b deducted on the whole amt. i.e, 82K, in ur case.

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Sandeep Dharar

Sandeep Dharar (Expert)
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23 July 2015 And, u can convey ur thanks by hitting the thanks button

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2015 that's mean when i will pay for dec bill i.e. 17+20=37k, then tds to be deducted (82000*2%)=1640/- & will pay to the contractors rs. (37000-1640)=35360/-, am i right?

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2015 that's mean when i will pay for dec bill i.e. 17+20=37k, then tds to be deducted (82000*2%)=1640/- & will pay to the contractors rs. (37000-1640)=35360/-, am i right?

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