Tds on 194c

This query is : Resolved

Poorna Chand Guditi (Querist)
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26 February 2019 Hi,
Please clarify me on TDS to be deducted on transactions of 194C for the following case:
1.First transaction with a value of INR 19,000 dated 1.4.2018
2.Second transaction with a value of INR 50,000 dated 1.6.2018
Query:
Do we need to deduct TDS on both bills?

Adv. RAVINDRA KRISHNA

Adv. RAVINDRA KRISHNA (Expert)
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26 February 2019 Are transactions single contract?

Poorna Chand Guditi

Poorna Chand Guditi (Querist)
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26 February 2019 Let's assume both cases:
What if it is a single contract and if it is not single contract?

Adv. RAVINDRA KRISHNA

Adv. RAVINDRA KRISHNA (Expert)
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26 February 2019 If amount paid or credited does not exceed Rs. 30,000 in a single payment and Rs. 1, 00,000 in aggregate during the financial year.

Poorna Chand Guditi

Poorna Chand Guditi (Querist)
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26 February 2019 Please refer to my query by considering bill dates and Do i need to deduct TDS on both bills?

Udaya Chandran

Udaya Chandran (Expert)
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27 February 2019 You need to deduct TDS on Rs.50000/- only till the total is within Rs.1,00,000/- in a year.

Poorna Chand Guditi

Poorna Chand Guditi (Querist)
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27 February 2019 Thank you very much!

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