TDS
This query is : Resolved
21 May 2016
hi experts,
i have a query regarding tds u/s 194c suppose i paid 10000,25000,25000 as contract fee without tds now i required to pay 25000 should i deduct 2% tds on 25000 or on total value that is 85000
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22 May 2016
If aggregate of the amount of such sums credited or paid or likely to be credited or paid in the financial year exceeds Rs.75,000/- ,TDS is required to be deducted. In your case as the amount exceeds Rs. 75,000 during the financial year (i.e 10000+25000+25000+25000=Rs. 85000) you need to deduct TDS on the whole amount of Rs. 85000.
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