I want to know on which amount TDS is to be deducted u/s.194C for A.Y.2012-13?
First Bill : - 20,460/-(Labour Bill)
Second Bill:-30,411/-(Labour Bill)
Tds is to be deducted on only 30,411/- or 50,871/-(i.e. on Both)?
Menu
Advise on deduction of tax
Replies (7)
| Originally posted by : Yogesh Mistry | ||
 |
since the aggregate limit for tax deduction in a year has not crossed Rs. 75,000 whereas the limit of Rs. 30,000 for a single payment has been crossed. |
 |
if both bills are payable to same person or same business idendity then gross amount is liable for TDS u/s 194C(1), otherwise only send bill is liable for TDS deduction.
in your case u have to deduct TDS on Rs.30,411/- not no Rs. 50.871/-
Tds is to be deducted on only 30,411/-
since the aggregate limit for tax deduction in a year has not crossed Rs. 75,000 whereas the limit of Rs. 30,000 for a single payment has been crossed.
From your question, it seems that both bills pertains to same person/entity,if so,you have to deduct tax on 50,871.
If both bills pertains to same person then TDS has to be deducted.
I want to know on which date for TDS interest non-deduction and non-payment calculation u/s.194C for A.Y.2012-13? deduction date 30/06/2011 and payment date 15/07/2011
Bill No.
1) Rs.26,400 dt 08/04/2011
2) Rs.15,000 dt 06/05/2011
3) Rs.25,040 dt 25/05/2011
4) Rs.22,000 dt 15/06/2011
Tds interest to be calcuated on only Aggregate amount for all bills exceed Rs.88,440/- (15/06/2011)or interest to be calculated in first bill date(i.e. on Both)?
Recent Topics :
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
- Invoice made but goods not sent
Related Topics :
CAclubindia
