TDS on Contractor
This query is : Resolved
23 February 2011
as per the rules of Income Tax Act, TDS is to be deducted on the contract if a single bill is more than Rs30000/- or total billing in a single financial year of Rs75000/-and further a bill of Rs31000/- is raised by the contractor and second party deducted the tds there on at the rate of 2percent and further another bill raised by the contractor of Rs10000/- and financial year is going to be end, and the query is whether the company is liable to deduct TDS on the Bill of Rs10000/- or not because the total limit of Rs75000/- is crossed at all.
23 February 2011
In my opinion, at safer side, it is advised to deduct TDS on bill of Rs.10000/-, as earlier bill(Rs.31000) of the party TDS is made.
24 February 2011
Once TDS is deducted for any party during the year, it is advisable to deduct TDS rest of the year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
