Whether TDS need to be deducted by an Individual (to whom tax audit not applicable i.e his turnover does not exceed Rs. 1 Crore )on payment to labour contractor i.e u/s 194C for the F.Y 2012-13.
If not deducted what are the consequences.
Please reply.
Liability to deduct tds arise,
when your payment to contractor exceeds 30000 in a single bill, or
aggregate of such sums credited or paid during the year exceeds 75000
For the Financial Year 2012-2013 relavent Assessment Year 2013-2014, Since the Turnover is below Rs.100.00 Lakhs in the Individual Business, No need to Deduct TDS U/d. 194C
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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