Tds u/s 194c
This query is : Resolved
23 May 2014
Dear Sir,
A company is paying for Job work (repair & Maintenance of Printer)monthly however the amount did not exceed rs.9ooo/- per month in the FY 2013-14 except for month of March 2014 where the Bill amount was Rs.16500/-. Due to which total amount paid exceeded Rs.75000/- in the FY 2013-14.
Now whether we should deduct TDS on whole amount i.e. Total Paid during the year or the amount which is in excess of the threshold limit (75000/-)?
Please suggest.
Reply Soon.
A company is paying for Job work (repair & Maintenance of Printer)monthly however the amount did not exceed rs.9ooo/- per month in the FY 2013-14 except for month of March 2014 where the Bill amount was Rs.16500/-. Due to which total amount paid exceeded Rs.75000/- in the FY 2013-14.
Now whether we should deduct TDS on whole amount i.e. Total Paid during the year or the amount which is in excess of the threshold limit (75000/-)?
Please suggest.
Reply Soon.
Deepti Asawa
(Expert)
23 May 2014
You should deduct TDS on whole amount( total amount paid during the year)
23 May 2014
But if TDS is now charged on Whole amount then whether interest payment liability would arise from the first payment made in April 2013 or from the month in which total amount exceeds Rs75000/-.
Total value paid during the year is Rs.75346/-
Total value paid during the year is Rs.75346/-
Deepti Asawa
(Expert)
23 May 2014
Deposit interest from the month in which total amount exceed Rs. 75,000/-.
CA.Sourabh Sethia
(Expert)
23 May 2014
pls clarify whether the nature of service is AMC i.e Annual Maintenance Contract or purely providing service independently as per your need.
Rupesh Jain
(Expert)
24 May 2014
pls deduct the TDs u/s 194C if payment made by you in year exceeds Rs. 75000/-@ 1% in individual or HUF otherwise @ 2%
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