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?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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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