Upgrade and Save: Get 10% OFF on CAclubindia Pro Subscription! Use Code: SAVE10 Subscribe Now!

Tds 194c

neeraj (CA) (930 Points)

27 June 2012

Bill no 1 - Amt Rs.20,000
Bill no. 2 -Amt Rs.24,000
Payment made through Cheque Rs 54000
Now advance made in same current year Rs 35000, Is there is a liability to deduct TDS on both 54000 and 35000 ?

Reply
Follow
Share

11 Replies

divva (Industrial Trainee @ Ashok Leyland) (348 Points)
Replied 27 June 2012

TDS to be deducted on 54000, As exemption is for the purpose to avoid TDS for small income earners whose income may not be exceed basic limit not taxable.

Upgrade to CAclubindia Pro. Subscribe Now!

Tasleem Javed (CA) (25 Points)
Replied 27 June 2012

Agree with Divva, TDS will be deducted on Both the amount 54000 and 35000

Ashish (none) (54 Points)
Replied 27 June 2012

TDS should be deducted as payment exceeds the limit of Rs 30,000 for single payment (i.e. Rs 54,000) & Rs 75,000(i.e. Rs 89,000=54000+35000) for aggregate payment.

C.A. Sandeep Wawhal (CA, PGDFM, BCom) (1829 Points)
Replied 27 June 2012

agree with above

Prateek Agarwal (Sr. Executive - Finance & Accounts) (1732 Points)
Replied 27 June 2012

Yes...you have to deduct tax on both the amounts.

Upgrade to CAclubindia Pro. Subscribe Now!

*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)
Replied 27 June 2012

Originally posted by : Ashish
	TDS should be deducted as payment exceeds the limit of Rs 30,000 for single payment (i.e. Rs 54,000) & Rs 75,000(i.e. Rs 89,000=54000+35000) for aggregate payment.