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TDS on Contract Payment

This query is : Resolved 

We are printing of International Conference proceedings in book. Total bill amount Rs. 74300/- and Quotation and work order raised on 16-3-2020.

If we pay this amount, shall we deduct 2% TDS on Rs. 74300/-.

It is one time payment for the year.

Is it correct max.limit is Rs. 75000/- for not deducting TDS or need to be deducted tds.

If we deduct, we have to remit this amount with late fee 1.5 % on tds amount?

please need your suggestion.


regards

Mohana Krishna


There is a single payment limit of Rs.30,000 and yearly limit is now Rs.1,00,000. Since your single payment exceeds. Rs.30,000 though it below Rs.1,00,000 you need to deduct tax u/s 194C . If you do not deduct tax the then s.40(a)(ia) would be triggered and 30% of payment shall be disallowed. If there is delay in depositing TDS interest is to be paid for teh period of delay. If there is delay in filing of TDS return then late3 fee u/s 234E is also payable.


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