Tds on aggregate value
This query is : Resolved
prithviraj mohandoss
(Querist)
05 March 2013
TDS in respect of Contractors/Subcontractors under 194C to be deducted If sum exceeds Rs. 30,000 or Rs. 75,000 in aggregate in a financial year. Does TDS has to pay along with interest considering for previous billing (sum of 75,000)
CA Parul Saxena
(Expert)
05 March 2013
yes interest to be levied....
prithviraj mohandoss
(Querist)
05 March 2013
perhaps aggregate value sum of 75,000/- may cross of may not for respective vendor's .. Is this kind of late payment...
CA Prashant Gupta
(Expert)
05 March 2013
i have some doubt in your Q
which I understand, you got some bills which are below 30000, now at year end total is more than 75000
so when total invoice exceed 75000 then only TDS liability will arise
you need to deduct TDS on full amount i.e. 75000 and pay that time. no interest on previous invoices. because that time TDS liability was not arised
which I understand, you got some bills which are below 30000, now at year end total is more than 75000
so when total invoice exceed 75000 then only TDS liability will arise
you need to deduct TDS on full amount i.e. 75000 and pay that time. no interest on previous invoices. because that time TDS liability was not arised
prithviraj mohandoss
(Querist)
05 March 2013
Mr. Gupta ... Yes sir you are correct
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