Tds query
This query is : Resolved
05 December 2014
friends, if a firm received two bills, one exceeding rs 30000 and other less than 30000 from the same person then whether tds is required to be deducted only on one bill as only one bill exceeds 30000 or on both bills.
CA Parul Saxena
(Expert)
05 December 2014
tds is not to be deducted on both the bills as amount is not exceeding Rs.75000. for tds it doesnt matter whether one bill is given or 2....the main fact is check whether amount given to a person in a year exceeds Rs.75000 or one time payment is more than Rs.30000 then tds is to be deducted.
Rupesh Jain
(Expert)
05 December 2014
TDS NOT DEDCUTEED ON PURCHASES . IF ITS BILL OF LABOUR WOILORK THEN IS SINGLE BILL EXCEEDS RS. 30000/- AND IN DURING THE YEAR AMOUNT EXCEEDS 75000/-. THEN YOU TO DEDCUT THE TDS U/S 194C.
05 December 2014
once the amount exceeds the threshold limit then entire amount is eligible for tds deduction i.e 30,000 + 30,000
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