Tds on contactor

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CA RAJIV RANJAN (Querist)
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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.

Sandeep Dharar

Sandeep Dharar (Expert)
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28 April 2014 No, the limit is 35K, and if the limit dosen't exceed then no need to deduct TDS.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

CA RAJIV RANJAN

CA RAJIV RANJAN (Querist)
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28 April 2014 Thanks a lot nikhil jee,

can u provide the circular no regarding it.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 April 2014 it is under act. refer section 194c and 206AA.

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