Tds 94c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2011 Dear All,
We had some Tyre repairing work , where tax invoice given by vendor are as :
Goods supplied Rs, 12,000/-
Labor Rs. 3,500/-
Ser. tax. Rs. 306.50/-
Total bill Amt. Rs. 15,806.50/-
Que.- On what amount we are required to deduct TDS (if total bill amount of vendor during the year More than Rs. 75,000/-) & at what rate (vendor is co.)

Thanks
Rahul

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)
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03 December 2011 Dear Friend, You have to deduct TDS on Rs. 15,806.50/- total amount of bill payable to the vendor and the rate of TDS will be @2%since the vendor is a company. Thanks

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Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2011 Many Thanks Sir,
As mentioned in Sec. 194C if "the aggregate Amount of such sum credited or paid during the F.y. exceeds rs. 75,000/-", it means wile calculating the limit of Rs. 75,000/- we have to consider the gross bill amount , in the present case it is Rs. 15,806.50/-
Pls suggest whether I an correct ?

Thanks again
Rahul