Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

For tds

shaunak (student) (32 Points)

20 August 2014

For tds Assesse : Company Dt.15.6.14 we recd advertisement bill amt 6000 so we r not dedcuted tds And now 14.8.14 again same party we recd advertisement bill 1. 42000 and 2. 8000 So I do ? Which amt I dedcted tds plz give me calculation

Reply
Follow
Share

16 Replies

Anubhav Dubey (Student CS) (33 Points)
Replied 20 August 2014

Originally posted by : shaunak
	For tds Assesse : Company Dt.15.6.14 we recd advertisement bill amt 6000 so we r not dedcuted tds And now 14.8.14 again same party we recd advertisement bill 1. 42000 and 2. 8000 So I do ? Which amt I dedcted tds plz give me calculation

Hello Shaunk,

As per my knowledge, TDS will be deducted on whole amount if it exceeds Rs. 75000/- P.A.

And in your case its yet not exceed 75000, then you not need to deduct TDS out of amount paid.

Thanks

Anubhav

Upgrade to CAclubindia Pro. Subscribe Now!

NAVEESH DHAR (ADVOCATE- TAXATION ADVISOR) (427 Points)
Replied 20 August 2014

As one if the bill exceeded rs. 30000 u have to deduct the tax @ 2%

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 20 August 2014

you dont need to deduct tds if you dont except same party to raise more bills. also if you expect so but total of all bills does not exceed 75000, still no need to deduct tds... but in case total exceeds 75000 then you need to deduct tds on every bill paid.

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 20 August 2014

You need to deduct TDS as the bill is of 42000/- which is more than 30000/-. Limit for 194C is 75000/- for whole year or 30000/- or more for one payment......

Navneeth Ojha (Student CA Final ) (116 Points)
Replied 20 August 2014

As per sec 194C (contracts): if any payment made to any individual/HUF/OTHERS then Tds @ 1% for ind/HUF n Tds @ 2% for company or others...is to be deducted. Payment Explanation: If any single payment exceeds Rs.30,000/- OR in aggregate exceeds Rs.75,000/- (PA)to a single person then these provision attracts... In ur case though in aggregate it has not exceeded Rs.75,000/-..but in individualy it exceeded 30k...so have to on Rs.42,000/-

Upgrade to CAclubindia Pro. Subscribe Now!

Navneeth Ojha (Student CA Final ) (116 Points)
Replied 20 August 2014

Or to avoid it...better ask to divide the bill in two amounts... ;-)

surya mani singh (Sr. Accountant ) (22 Points)
Replied 20 August 2014

Dear All,

Please share WCT Return sample ( Noida )

Thanks & Regards

Surya Mani Singh

Sahil Bhatia (Practicing Chartered Accountant) (290 Points)
Replied 20 August 2014

Tds to be deducted on whole amount of 56000 if aggregate is expected to be 75000 But in present case of your aren't expecting any other bills then tds only on 42000 as it exceeds limit of 30000

shiva prasad R S (Accounts excutive ) (26 Points)
Replied 21 August 2014

you have to be deducted TDS on 56000

Gourav Agrawal (Internal & Statutory Auditor) (32 Points)
Replied 21 August 2014

As the one bill cross the TDS limit (I.e. 30000) then you have deduct Tds on 56000 I.e. total amount including previous bill of 8000.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

rahul (Asst. Accountant) (40 Points)
Replied 22 August 2014

sir. plz conform that TDS is to b deducted on the only invoice which exceed 30000/-(of rs 42000/- bill) or it is to b deducted on the all bills received from the same party in the same year after exceeding the limit of rs.30000/-....

rahul (Asst. Accountant) (40 Points)
Replied 22 August 2014

Dear All,

Kindly conform that my journal entry are correct or not if not plz do tell me the correct one.

01)- samsung gave me service and raised invoice for it against me then my entries are:-

Service ChargeDr.................

TDS Payable. Dr.......

To Samsung....

NOW on the time of payment.

Samsug dr.

To Bank.

02)- When i gave service to samsung and i raised invoice against samsung

samsung Dr

To Service charge

To service tax 12.36%

On The time of payment

bank Dr.

TDS Dr.

To samsung

PLZ DO REPLY and Correct my Entries.....

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 23 August 2014

currently tds to be deducted only on bill of 42000 only and not on any other bill...

yes your journal entries are correct...

rahul (Asst. Accountant) (40 Points)
Replied 23 August 2014

Thanks...now if new bill is of rs.24000/-now if total bills are of rs. 80000/- in this same year now what is the amt TDS to b deducted on ....80000 or rs.75000..and do tell me That it will b deducted on this same new bill