TDS

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CA Kanwaljeet (Querist)
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03 August 2009 if no TDS u/s 194C deduted on Making payment more than 20000/- to contractor, it will fully dis-allowed or not

Shyam Lal Naik

Shyam Lal Naik (Expert)
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03 August 2009 Single payment is not the criterion, Contract value is the criterion.

If the contract value does not exceed 20K and / or the sum of value of contract does not exceed 50K, the amount paid upto 20,000 will be allowed.

Gokul

Gokul (Expert)
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03 August 2009 If Single bill amount is more than 20K or annual transactions with the contractor are more than 50k then u should deduct TDS u/s 194c. if Rs.20K is payment of more than one Invoice then you need not to deduct TDS.

If as per above conditions you are liable to deduct TDS and not deducted same, then such expenses will be fully desallowd for the F.Y. and it will be allowd in the year inwhich u will deduct TDS and paid to the department.

Ratan Sharma

Ratan Sharma (Expert)
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03 August 2009 Mr. Gokul is right.

Ankur Garg

Ankur Garg (Expert)
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04 August 2009 agree with Gokul

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