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TDS

This query is : Resolved 

I paid a vendor against a single, total bill of 50k, for which I gave an advance and then later the remaining payment, each less than 30k. Do I have to file TDS on this?

This transaction falls under payment to a contractor (194C).



Hi Pooja, Please specify the nature of transaction

I am extremely sorry, but I'm new to the jargons, what does 'nature of transaction' here mean?

I mean type of payment, nature of expenditure, rent, contractual or against purchases?

It is a payment to a contractor.

Under the following circumstances for contractual payments, TDS is not required to be deducted –

1. The amount paid or credited to the contractor in a single contract doesn’t exceed INR 30,000.

2. The aggregate amount paid or credited during the financial year doesn’t exceed INR 1,00,000.

Hence in the instant case the TDS is not required to be deducted. I hope your query gets solved here. Should you have further query in the matter, please contact on the email id for timely response.


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