threshhold limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2011
if threshhold limit for tds on professional fees is 20k till 30.6.2010 and 30 k till 31.3.2011.
Please let me know the tds to be deducted for the below:
1.if company received a bill of 20k in may 2010
2.if company received a bill of 20k in may 2010 and 30k in feb 2011
Please let me know the tds to be deducted for the below:
1.if company received a bill of 20k in may 2010
2.if company received a bill of 20k in may 2010 and 30k in feb 2011
29 March 2011
IN FIRST CASE NO NEED TO DEDUCTED TDS
AND LAST CASE
TDS WOULD BE DEDUCTED ON RS. 50K
AND LAST CASE
TDS WOULD BE DEDUCTED ON RS. 50K
29 March 2011
till 30/6/2010... limit was 20000/- for TDS. so any payment below this amount would not be liable for TDS.
In your case 1> the incidence of 20000/- bill is in May,2010.. so TDS @ 10 % will be charged.
Case 2> TDS @ 10% on the whole 50000/- as it exceeds the threshold limit of 30000/- (w e f 1/7/10) anyway .
In your case 1> the incidence of 20000/- bill is in May,2010.. so TDS @ 10 % will be charged.
Case 2> TDS @ 10% on the whole 50000/- as it exceeds the threshold limit of 30000/- (w e f 1/7/10) anyway .
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