Should i deduct tds?

As per 194j the ceiling limit is 30000.00 & here the invoice is for 22500.00,so no need to deduct tds but subject o no furure transaction is been carried out,if some future transaction is to be transacted then u need to deduct tds from the very begining of the transaction bcoz 30000 is the ceiling limit,if it crossed then on whole amount(including of 22500)tds is to be deducted.

If such an amount is a reimbursement expenditure then you need not deduct tax but you should procure the details of all the incidental charges.

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tds to be deducted only when a single invoice is more than 30000 or all the invoices put together in a financial year is more than 75000

Dear anupama , that is only for contractors, 194 j there is no 75000 condition.

thanks ravi

Thank u freinds :)

YES NO NEED TO DEDUCT TDS BECAUSE LIMIT IS BELOW 30000.

if an individual is out of tax bracket...so in this case can he liable to deduct TDS on Salary?

Originally posted by : Shekhar
	if an individual is out of tax bracket...so in this case can he liable to deduct TDS on Salary?

If the books of account of the individual has got audited last year i.e. preceding the financial year in question then he is suppose to deduct TDS irrespective of his income bracket of the individual.

this is the first year of that individual's business. and he have no income this year.

ABOVE LIMIT FOR CONTRACTOR NOT FOR PROFESSIONAL.194J

if it is one time transaction no need to deduct tds since it is below limit of 194j. so not required to do so.