Tds deduction

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preet prakash (Querist)
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07 January 2016 Hi all
1.During the F.Y 2014-15 the expenses u/s 194 J crossed the threshold limit, i deducted the tds.
2.During the F.Y. 15-16 there is only a single transaction of amount 10500/- am i liable to deduct tds on 10350/- ????????? for the same party
Regards
preet

Ankur Singhal

Ankur Singhal (Expert)
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07 January 2016 Dear Preet
in FY 2015-16 you are not liable to deduct TDS on Amount Rs.10500/-.
As section 194J provide the limit Rs.30000/-p.a.

preet prakash

preet prakash (Querist)
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07 January 2016 are you sure because as per my information once you start deducting tds you should deduct it on a single transaction alos whether its crossing the limit or not.
kindly confirm

Ankur Singhal

Ankur Singhal (Expert)
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07 January 2016 Dear
I am very much sure. if the transactions are in single FY then only you deduct TDS once you cross the limit.
In every financial year the threshold limit is considered for that FY only.

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BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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07 January 2016 Agree with expert, its considered FY to FY.

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 October 2021 If you are anticipating more transactions with the same party in the current year, so that the total payment may exceed the limit, in that case you may start deducting TDS from the first bill itself.

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