Tds threshold limit
This query is : Resolved
Prakash kumar
(Querist)
17 April 2015
All dear sir , if any party deducting tds of 2% in services provided by us as a cab service . Then i want to know after which amount they shall deduct tds ?
CA AnKiT BoHrA (AB)
(Expert)
17 April 2015
they are deducting tds under contract i.e. 194 C on the bill amount...!!
As u r a company tds deducted rate is 2 %
As u r a company tds deducted rate is 2 %
17 April 2015
on amount excluding the service tax i,e ony on service portion
19 April 2015
Question asked over here is for threshold limit.
They should deduct TDS if threshold limit u/s 194C is crosed.
Threshold limit:
Single Bill Rs 30000/-
Annual Total Rs 75000/- p.a.
So if your Single bill is more than Rs 30000/- then TDS should be deducted or if the Annual Total of all bills is more then Rs 75000/- then TDS is to be deducted. TDS to be deducted on total amount is threshold limit is crossed.
They should deduct TDS if threshold limit u/s 194C is crosed.
Threshold limit:
Single Bill Rs 30000/-
Annual Total Rs 75000/- p.a.
So if your Single bill is more than Rs 30000/- then TDS should be deducted or if the Annual Total of all bills is more then Rs 75000/- then TDS is to be deducted. TDS to be deducted on total amount is threshold limit is crossed.
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