Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2012
sir,
Q. 1 i have deducted tds of a party under section 194c in previous year.... now in current year whether i have to wait till limit exceed and to deduct tds after limit crossed?
Q 2. i received eight bill of contract from a party each of rs 10000. whether i have to deduct tds on 5000 (i.e amount in excess of limit of 75000) or whole 80000?
Q. 1 i have deducted tds of a party under section 194c in previous year.... now in current year whether i have to wait till limit exceed and to deduct tds after limit crossed?
Q 2. i received eight bill of contract from a party each of rs 10000. whether i have to deduct tds on 5000 (i.e amount in excess of limit of 75000) or whole 80000?
05 May 2012
1.You need to deduct TDS if amount supposed to be exceeded RS.75000in a year. Estimate the amount and deduct accordingly.
2.You have to deduct on whole amount.
2.You have to deduct on whole amount.
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Mihir Doshi
(Expert)
05 May 2012
Agree with expert.
Once the amount goes beyond exemption limit then TDS will be deducted on entire amount and not on that excess amount.
In your 1st question, you need to forecast whether you are going to do more transaction with such party whereby amount goes beyound exemption limit then start deducting TDS otherwise there is no need to deduct the amount of TDS
Once the amount goes beyond exemption limit then TDS will be deducted on entire amount and not on that excess amount.
In your 1st question, you need to forecast whether you are going to do more transaction with such party whereby amount goes beyound exemption limit then start deducting TDS otherwise there is no need to deduct the amount of TDS
CA PRAVEEN SINGH
(Expert)
05 May 2012
Agree with above experts..
Estimate earlier about crossing the limit annually Rs 75000.
deduct tds in each bill,follow safe side.
Estimate earlier about crossing the limit annually Rs 75000.
deduct tds in each bill,follow safe side.
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