Threshold limit of TDS
This query is : Resolved
Sushant Panigrahi
(Querist)
27 March 2008
TDS on Contractor / professional fees is deductible if the bill amount exceeds 20,000 or exceeds 19,999
Shyam Lal Naik
(Expert)
27 March 2008
It is 20000.00
Sushant Panigrahi
(Querist)
27 March 2008
If a contractor issue a bill of RS 20,000 should i deduct the TDS or Not
CA Praveen Chopra
(Expert)
27 March 2008
If it exceeds 20000
CA Praveen Chopra
(Expert)
27 March 2008
You must deduct tds.
27 March 2008
SEC 194(C) STATES THAT IF THE AMOUNT PAYABLE EXCEEDS RS. 20000/ THEN TDS LIABILITY IS ATTRACTED.
IF IT DOES NOT,THERE IS NO LIABILITY FOR TDS.
THAT IS WHY PEOPLE ARE ASKED TO SUBMIT BILLS FOR LESS THAN RS. 20000/
R.V.RAO
IF IT DOES NOT,THERE IS NO LIABILITY FOR TDS.
THAT IS WHY PEOPLE ARE ASKED TO SUBMIT BILLS FOR LESS THAN RS. 20000/
R.V.RAO
28 March 2008
TDS IS REQUIRED TO BE DEDUCTED ONLY WHEN AMOUNT OF BILL EXCEEDS RS.20000/-
Sushant Panigrahi
(Querist)
28 March 2008
It means if the bill is for Rs 20,000 we should not deduct TDS on the same
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