Dear All,
Last year a contractor total invoice amount was above 75 k so i deducted tds but this year i know it will not cross above 75 k.
This year i got a invoice only 5k so it is must to deduct tds coz last year i have deducted or dont need to deduct tds as its below 75 k.
Please suggest to me..
Thanks
Need not to deduct TDS, if a single contract value does not exceeds 30,000/- or aggregate value per annum does not exceeds 75,000/-
Last year deduction is irrelavent for current year deduction
Hello Nisha
There is no need to deduct TDS as amount of single contract is not excedding 30k and aggregate value is also not exceeding so there is no need to deduct TDS irrespective of the fact that last year billing was more than 75k.
not required to deduct TDS in this case bcoz TDS deduct in the following case
if p a payment exceed 75000 or single invoice exceed rs 30000
thanks to all for reply :)
Even Though you deduct TDS , Provide them Form 16 so that they can claim Income Tax refund if Income is not above Taxable Limit .!!!
CAclubindia
