Tds should be deducted or not?
This query is : Resolved
20 June 2008
if indivual payments to a party for a contract didnot exceed Rs20000 but in the last month of the year the total payment exceeded Rs50000 then should we deduct on the whole amount including the first payments?
CA Vivek Jain
(Expert)
20 June 2008
Yes
20 June 2008
Yes Vidya..U should deduct(Recover) TDS on all previous payments once the amount crosses Rs.50000..
20 June 2008
Yes it is to be deducted on the entire amount.
20000 is for a transactional amount, but it does not rule out the payment for total amount paid during the financial year.
20000 is for a transactional amount, but it does not rule out the payment for total amount paid during the financial year.
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