Can anyone please tell me that how would be threshold limit for T.D.S. will be calculated in case the assessee is making various Contracts and payments, T.D.S. free and T.D.S. applicable, with a person.
Should only those contracts amounts, which are liable for deduction of T.D.S. should be taken in account or all contracts whether covered under T.D.S. sections or not are to be considered.
It is very big work. In our office, we will go for every transaction of the clients & we will decide whether the transaction will be attracted by TDS or not (Whether it crosses the limits on aggregate basis or not). We will prepare the list by head wise (Itemwise) and Party wise which makes easy in understanding balance amount of TDS to be paid with interest.
It takes even weeks for big assessees.
Contracts covered under TDS sections should be considered.
KK & Company Chartered Accountant
Pune
CA Inter
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CCI
Pro
CAclubindia
