06 August 2008
I pay a transporter 17k in April wthout knowing if i will engage the services again in the current year. Yet again i engage him and pay 19k in July, yet again 18k in September.
Till September I have paid less than 50k so i have not deducted TDS. THen in September, knowing I'll exceed 50k payt to one transporter I have to deduct TDS.
How much should i deduct , is it for the whole 54K that i have paid? and when ?
09 August 2008
TDS is to be Deducted on the date of payment or Credit, whichever is earlier,
You must Deduct TDS when it Crosses 50k, but it never says you should not deduct TDS when it doesn't crosses 50k,You should've deducted,in the 1st payment itsel,
But now you can deduct TDS Retrospectively for the Full Amount Paid to Him, and pay it to the GOVT,
While Issuing Form 16A, you can mention as like Below XXXX 17000 0 0 XXXX 19000 0 0 XXXX 18000 1112 or 1224 1112 or 1224 (2.06or2.226)% as Aplicable
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