Guys i have a doubt,
Suppose say i had deducted TDS for a party during the Previous year. Say he is a contractor and his aggregate payment for the year was Rs. 85000/-. Now during the current year, his aggregate payments is only Rs.40000/-. Tell me whether i have to deduct TDS or not:
My thought says, i am not supposed to deduct TDS since it has not crossed the limit.
But, as the TDS was deducted earlier during the previous year, whether am i supposed to deduct during the current year???
dear sir,
the limits for tds u/s 194c is Rs 30000/- for single payment & 75000/- for aggregate .Also in case of an individual /huf whose turnover in last year exceeded the t/o for audit limits then in such case he becomes liable to deduct tds......So accordingly provisions should be applied.
regards,
nitin s
Dear Nitin
Thanks for helping me out..... i would rather be more convinced if u can give me the reference in TDS with respect to some sections or provisions. Even now my doubt prevails actually. As given in the situation, i am not even liable for TDS deduction. Then why they have to Deduct TDS for me???
i suppose ur single payment limit is not crossed & aggregate is actually not crossed u/s 194c .Now what one does is actually deducting tds when aggregate crosses or rather estimating (whether it would cross during the year )& accordingly deducting tds on such payments.Also consider my point mentioned above regarding the T/O limits for audit(ie if ur gross receipts as an individual crossed the audit limits of 60 lacs) u become liable to deduct tds u/s 194c ........
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