TDS limit (20000 Vs. 50000)
This query is : Resolved
Guest
Guest
(Querist)
24 September 2008
Hi Experts
Suppose i have transacted with one party for Rs. 2000/- then 5000/- then 29000/- on which i am liable to make TDS u/s. 194C..
Now TDS will be made on which amount whether on 29000/- only as total does not excess 50000/- during the year or on all as one bill is more than Rs. 20000/-
Further the section tells that "payment or Credit during the year"
suppose one party has opening balance of Rs. 60000/- which is paid in this year and also transacted for Rs. 15000/- during the year.. Now TDS u/s. 194C is required to be made on 15000/- or not? as the payment during the year exceeds Rs. 50000/-
Thanks
Rohit
Suppose i have transacted with one party for Rs. 2000/- then 5000/- then 29000/- on which i am liable to make TDS u/s. 194C..
Now TDS will be made on which amount whether on 29000/- only as total does not excess 50000/- during the year or on all as one bill is more than Rs. 20000/-
Further the section tells that "payment or Credit during the year"
suppose one party has opening balance of Rs. 60000/- which is paid in this year and also transacted for Rs. 15000/- during the year.. Now TDS u/s. 194C is required to be made on 15000/- or not? as the payment during the year exceeds Rs. 50000/-
Thanks
Rohit
24 September 2008
1 tds will be deducted if single payment or credit exceeds 20000 or in total exceeds 50000;if a single transaction does not exceed 20000.
2) each year has to be cosidered saparately for tds.
2) each year has to be cosidered saparately for tds.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- FORM 26A APPLICABILITY
- Value of property in capital gain
- Copyright software
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
