Tds u/s 194c above rs 70,000/-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2012
Dear Sir
During the year 2011-12 , We had engaged a person for some Repair & Maint work. Upto Feb-12 his total bills were below the limit of Tds = Rs 69000/- ( Rs 15000+18500+17200+18300 )hence we could not deduct TDS, but in the month of Mar'12 some extra work done of Rs 14000/-.
now my query is that on what amount we have to make TDS ? , also pls provide reference of any act/ rule/judgment
Kindly reply urgently
During the year 2011-12 , We had engaged a person for some Repair & Maint work. Upto Feb-12 his total bills were below the limit of Tds = Rs 69000/- ( Rs 15000+18500+17200+18300 )hence we could not deduct TDS, but in the month of Mar'12 some extra work done of Rs 14000/-.
now my query is that on what amount we have to make TDS ? , also pls provide reference of any act/ rule/judgment
Kindly reply urgently
14 September 2012
As per Section 194 C of the Income Tax Act, if you are making payment to any person who falls under the category of Contractor & Amount exceeds Rs. 75000 in the whole year then you are bound to deduct tds @ 2% for Companies & 1% for Individual & HUF.
14 September 2012
As in your case the total amount has exceeded the above mentioned limit, so you are liable to deduct tds & deposit with the Government.
14 September 2012
If you want to know more -
Go through the Link-
https://www.caclubindia.com/articles/tds-u-s-194c-applicability-in-certain-cases--12685.asp#.UFMUjrLibFY
Regards
sanyam
Go through the Link-
https://www.caclubindia.com/articles/tds-u-s-194c-applicability-in-certain-cases--12685.asp#.UFMUjrLibFY
Regards
sanyam
14 September 2012
You are required to deduct TDS on total amount of Rs 83000/- on the date when the threshold limit of Rs 75000/- p.a. is crossed.
For this no judgment required as it is in accordance with rules laid down in Section 194C.
For this no judgment required as it is in accordance with rules laid down in Section 194C.
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