TDS on contract
This query is : Resolved
CA.Aman Dugar
(Querist)
09 June 2008
Whether TDS should be deducted on payments made till date or it should be deducted only on subsequent payments when TDS becomes applicable for the first time during the year due to crossing of limit of Rs.20000 per contract or payments>50000 during the year?
Shyam Lal Naik
(Expert)
09 June 2008
TDS has to be deducted on the entire payment. Payments made prior to crossing limit of Rs 20K or 50K are not exempt.
10 June 2008
Once the limit of Rs 20000 has been crossed then the TDS has to be deducted on the whole amount right from the inception of the contract..
Tarun Gupta
(Expert)
10 June 2008
As per sec. 194C the entire contract amonut is eligible to ded TDS.when the contract amt is exceed the thesehold limit.
Thanx
Thanx
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