Tds applicable or not
This query is : Resolved
09 January 2013
is tds applicable for contractor in this case ?
for eg.
on date 08.01.2013 party raised three difference invoice on same day of three different shipment of rs.
1) 25000
2) 25000
3) 24000
is tds applicable ?
beacause the threshold limit is 30,000 ( single transaction ) 75000/- ( aggregate during the year )
expert pls reply
for eg.
on date 08.01.2013 party raised three difference invoice on same day of three different shipment of rs.
1) 25000
2) 25000
3) 24000
is tds applicable ?
beacause the threshold limit is 30,000 ( single transaction ) 75000/- ( aggregate during the year )
expert pls reply
09 January 2013
TDS not applicable in above case.
When threshold limit will cross 75000 aggregate in year.. then deduct the tds.
When threshold limit will cross 75000 aggregate in year.. then deduct the tds.
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09 January 2013
TDS is not applicable
as you urself told the limits
no bill is more than 30k and total doesnt cross 75k
as you urself told the limits
no bill is more than 30k and total doesnt cross 75k
09 January 2013
thank you hemant sir
but , purposely they can issue three different invoice instead of one to save thier tds amount
but , purposely they can issue three different invoice instead of one to save thier tds amount
09 January 2013
definetly they can do so.
but normally companies doesn't do that. because shipping co is not a small co. they need to get refund as there are many exemptions for them. so they raise bill mostly on shipment basis
but for theory they can do so for saving TDS
but normally companies doesn't do that. because shipping co is not a small co. they need to get refund as there are many exemptions for them. so they raise bill mostly on shipment basis
but for theory they can do so for saving TDS
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09 January 2013
thanks prashant sir
09 January 2013
dear prashant ji ,
one more question regarding this issue suppose in the month of march 2013
supplier issue one more invoice let say of rs. 10,000/-
so now he crossed the threshold limit and i will deduct the tds on whole amount of rs. 84000/- and deposit in the next month but
it will attract interest on the tds amount of 74000/- or not
becuase this amount is related to jan 2013, i asked to auditor he told me that it will attract interest for two month of tds amount for rs. 74000/-
but i think not need to pay interest ?
please suggest
one more question regarding this issue suppose in the month of march 2013
supplier issue one more invoice let say of rs. 10,000/-
so now he crossed the threshold limit and i will deduct the tds on whole amount of rs. 84000/- and deposit in the next month but
it will attract interest on the tds amount of 74000/- or not
becuase this amount is related to jan 2013, i asked to auditor he told me that it will attract interest for two month of tds amount for rs. 74000/-
but i think not need to pay interest ?
please suggest
09 January 2013
dear vaibhav
i am talking about interest not tds ?
i am talking about interest not tds ?
09 January 2013
Hey
No interest would be required to pay. Since TDS payment wasnt due at that point of time.
Thanks!!
No interest would be required to pay. Since TDS payment wasnt due at that point of time.
Thanks!!
09 January 2013
do you have any case law for this
12 January 2013
Dear Uday,
TDS will be applicable in March-2013 then
and because full year amount is more than 75000 now so now TDS will be deducted on full amount i.e. 84000/-
No interest is applicable as previously you were not liable to deduct TDS.
it is cleared by section itself
TDS will be applicable in March-2013 then
and because full year amount is more than 75000 now so now TDS will be deducted on full amount i.e. 84000/-
No interest is applicable as previously you were not liable to deduct TDS.
it is cleared by section itself
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