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Tds deduction

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(Querist)
18 August 2012 Hello, Everyone!!
I have a doubt regarding deduction of TDS on the payment of contractors.
I have paid following amounts and deducted TDS as under:

Date Amount paid TDS Deducted
14/04/2011 14264 0
25/05/2011 15976 0
21/08/2011 29700 300
23/12/2011 11220 0

All above amount is paid to a single contractor.
Should i have to deduct TDS on all payments?
If yes, than how should I do that?
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
18 August 2012 No.. Since the total amount does not exceed Rs. 75000 till not and also individually doesnot exceed Rs. 30000..NO TDS is required to be deducted.
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Guest

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Guest (Expert)
18 August 2012 Since aggregate payment do not exceed 75000/- during the FY 2011-2012. There is no need to deduct TDS.



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Amol S Joglekar

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Amol S Joglekar (Expert)
18 August 2012 in a lighter mood..... good question for CA final?
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Abhay Thacker

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Abhay Thacker (Querist)
18 August 2012 what if any single payment exceed Rs. 30000, than should i deduct TDS on all payment or only payment above 30000?
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Amol S Joglekar

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Amol S Joglekar (Expert)
18 August 2012 The RISK approach suggests, quantify the risk associated with the transaction... the answer shall always be deduct INR750/
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Guest

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Guest (Expert)
18 August 2012 Hi Abhayji,

If single payment exceeds 30000/- then deduct TDS on all payments.
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CA PRAVEEN SINGH

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CA PRAVEEN SINGH (Expert)
18 August 2012 IF ANY SINGLE PAYMENT EXCEED RS 30000 THEN THD IS TO BE DEDUCTED.



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naresh

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naresh (Expert)
18 August 2012 If a Single Payment exceeds Rs.30000/- you need to deduct TDS on all the payments
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Abhay Thacker

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Abhay Thacker (Querist)
21 August 2012 thank you all of you..

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