Tds on contactor
This query is : Resolved
28 April 2014
Dear sir
As per sec 194c Tds to be deducted if single paymnt is above 30000 or 75000 pa. My question is if single payment is below 30000. can we deduct tds @ 20 % if not provided pan no.
As per sec 194c Tds to be deducted if single paymnt is above 30000 or 75000 pa. My question is if single payment is below 30000. can we deduct tds @ 20 % if not provided pan no.
28 April 2014
No, the limit is 35K, and if the limit dosen't exceed then no need to deduct TDS.
28 April 2014
the limit is thirty thousand only.
so if the single billing exceeds Rs 30000, tds has to be deducted. If the individual billings are less than Rs 30000 but overall billing in the year exceed Rs 75000, tds has to be deducted.
with regards to absence of PAN, even if each bill is less than Rs 30000 but annual payment to the said party exceeds Rs 75000, 20% TDS shall apply.
so if the single billing exceeds Rs 30000, tds has to be deducted. If the individual billings are less than Rs 30000 but overall billing in the year exceed Rs 75000, tds has to be deducted.
with regards to absence of PAN, even if each bill is less than Rs 30000 but annual payment to the said party exceeds Rs 75000, 20% TDS shall apply.
28 April 2014
Thanks a lot nikhil jee,
can u provide the circular no regarding it.
can u provide the circular no regarding it.
28 April 2014
it is under act. refer section 194c and 206AA.
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