i want to know the amount on which tax will be deducted, invoice is raised by partenership firm
Detail of invoice
material charges Rs 15000
Labour charges Rs 28000
Total Rs 43000
whether tax will be deducted on whole amount or labour charges
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Tds
Replies (2)
from details given above, Relevant section can be 194C, which says that, any payment in excess of Rs.30,000/- per transaction or Rs.75,000/- in aggregate during a year will attract deduction of TDS.
In given scenario no TDS required to be deducted on material charges and since labour charges is less than 30,000 per transaction, NO TDS deduction required. (Kindly check the aggregate value as well).
TDS will be deducted u/s 194 C on 28,000.., provided the aggregate payment to be done to that party in a year will be more than 75,000
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