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TDS
IF WE DO NOT KNOW THAT WHETHER SERVICE FROM SAME SERVICE PROVIDER WILL BE USED IN FUTURE, THEN WHETHER TDS ON LOWER AMOUNT OF RS 20000/- TO BE DEDUCTED OR NOT
Replies (2)
Yes,
TDS has to be booked even if it is one time transaction.
If single bill amt exceeds Rs.20000 & cumulative if it exceeds Rs. 50000 in a single financial year.
Regards
Wellll.... no its ok if u dont....Its like for a single payment/credit u have to deduct TDS or when a total exceeds 50k in a year.
here is a simple example.
for a single transaction- of 20000 or more deduct TDS.
When there are no. of transactions- deduct tds when it exceeds 50000 on the whole amount for the last bill.
eg. till date it was RS. 45000 and than got a bill of Rs.10000. than deduct tds for Rs. 55000 on the bill of Rs. 10000 only.
So no need to deduct it right noe. if you want u can. but than you have to give TDS certificate also.
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