Tds on contract
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2011
IF I AM MAKING A PAYMENT OF RS.75000 FOR PAINTING MY OFFICE(COST OF OFFICE:1 CRORE) WHICH IS TOTALLY USED FOR MY BUSINESS.
I BELIEVE IT SHOULD BE TREATED AS REVENUE EXP AND DEBITED TO MY P&L A/C.
WILL IT ATTRACT TDS?
I BELIEVE IT SHOULD BE TREATED AS REVENUE EXP AND DEBITED TO MY P&L A/C.
WILL IT ATTRACT TDS?
05 August 2011
Yes it will attract TDS u/s 194C as the single bill is exceeding the Rs 30000/- threshold limit. And yes you are correct it is a revenue expenditure and will be debited to P/L account under the head Office Maintenance.
05 August 2011
If you have taken the office and using it first time by painting it then the Assessing Officer may treat this as a capital expenditure. Other wise the expert is correct.
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