TDS

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CA Priya Bhaskar (Querist)
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25 February 2011 After amendment Sec 194C threshold limit increased to Rs 30000/- per contract & 75000 p.a. My question is one contract is more than Rs 30000/ then tax deducted but next contracts in the FY doest cross the above two condition. whether balance payments need tax deduction

Kumar Babu.G

Kumar Babu.G (Expert)
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25 February 2011 If total contract amount in the year exceeds Rs.75000/- TDS has to be deducted on all payments.If not,TDS has to be deducted only on payment relating to the contract whose value is more than Rs.30000.

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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25 February 2011 Agreed...with Mr. Babu.

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