payment to contractor total amount paid in fin year 22.23 25000 15000 25000 25000 total amount paid 90000 less den 1 lac aggregate but in april 2023 paid amount 25000 total till april 2023 paid amount 115000 my question tds deduct or not now thanks in advance
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Quick Summary
This discussion clarifies TDS (Tax Deducted at Source) obligations for contractor payments. It explains that the exemption limit for TDS applies separately to each financial year. For FY 2022-23, payments totalling less than £1 lakh aggregate are not liable for TDS. For FY 2023-24, a payment of £25,000 in April means no TDS is currently deductible as it falls below the threshold for that specific financial year.