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Threshold limit of TDS

This query is : Resolved 
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(Querist)
27 March 2008 TDS on Contractor / professional fees is deductible if the bill amount exceeds 20,000 or exceeds 19,999
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
27 March 2008 It is 20000.00
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Sushant Panigrahi

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Sushant Panigrahi (Querist)
27 March 2008 If a contractor issue a bill of RS 20,000 should i deduct the TDS or Not
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CA Praveen Chopra

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CA Praveen Chopra (Expert)
27 March 2008 If it exceeds 20000
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CA Praveen Chopra

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CA Praveen Chopra (Expert)
27 March 2008 You must deduct tds.
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R.V.RAO

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R.V.RAO (Expert)
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
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
28 March 2008 TDS IS REQUIRED TO BE DEDUCTED ONLY WHEN AMOUNT OF BILL EXCEEDS RS.20000/-
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Sushant Panigrahi

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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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Jitender

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Jitender (Expert)
28 March 2008 yes , u need not to deduct tds if the bill amt is of 20000
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