TDS RELATED

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This query is : Resolved

Kashish (Querist)

24 December 2009 PLEASE CAN ANY ONE TELL ME..?

IS IT COMPULSORY FOR COMPANIES TO DEDUCT TDS EVENIF THEIR TURNOVER IS BELOW LIMIT
FOR PAYMENT AGAINST BILL OF BLDG. MATERIALS
OR ANY OHTER PAYMENT?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

25 December 2009 Tds is deduction not based on turn over there is threshold limit fixed for each section deduction i.e

192 Payment of Salary and Wages TDS is deducted if the estimated income of the employee is taxable.
193 Payment of Interest on Securities Rs. 5,000/- p.a.
194-A Interest other than interest on securities Rs.10,000/- p.a.
Interest from Banking Company
194-A Interest other than interest on securities Rs.5,000/- p.a.
Interest other than from Banking Company
194-C Payment to Contractor Rs.20,000/- Per Single ContractÂ or Rs.50,000/- exceed during the financial year
194-C Payment to Advertising Contractor / Sub Contractor Rs.20,000/- Per Single ContractÂ or Rs.50,000/- exceed during the financial year
194-C Payment to transport contractor / sub contractor If PAN Quoted
194-C Payment to transport contractor / sub contractor If PAN not quoted

194-H Payment of commission or brokerage to resident Rs.2,500/- p.a.
194-I Payment of Rent Rs.1,20,000/- p.a.
194-I Payment of Rent for use of Plant , Machinery or Equipment Rs.1,20,000/- p.a.
194-J Payment of professional or technical services Rs.20,000/- p.a.