TDS on contractor
This query is : Resolved
Mohammed kashif
(Querist)
01 May 2009
u/s 194c the liablity of tds arises if any payment exceeds Rs.20000/- or cummulative credit or payment exceeds Rs.50000/-. my question is if a single payment exceeds Rs. 20000/-say Rs.25000/- but total payment during a F/Y does not exneeds Rs.50000/- say Rs.45000/- whether TDS has to be deducted on Rs 45000/- or only on that payment that exceeds Rs.20000/- ie on Rs.25000/-
pls reply
pls reply
taxindiaconnect
(Expert)
02 May 2009
Yes TDS is applicable under 194C as the threshhold limit Rs 20K is breached. The provsion say any one of the condition has to be met for the applicability of the TDS.
DIVAKAR PATIL
(Expert)
02 May 2009
As per Section 194C the trigger for Tax deduction at source is a single payment exeeding Rs.20000/- or cumulative payment Rs.50000/- in a year, TDS to be applied being on the total sum paid during a F/Y
03 May 2009
If a Single Payment exceed Rs.20K then your have to Deduct TDS u/s 194C
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