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.
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