Tds deduction

i have a doubt regarding the Tds deduction. whn i go through tds deduction chart i notice that every heads have their exemptio amount. the doubt is that the exepmtion amount is on the basis of party or it basis on company side. means 194J has the exemption upto Rs.30000/-. if two party raised bill upto 15000/- and 17000/- repectively, whether company need to deduct the tds on both or not to deduct??? is the exemption is applicable for each n every party for Rs.30000/-??? help me ..

Replies (27)

Exemption is based per PAN per annum, if two parties has different PAN and it does not exceed 30000 in any PAN in the year, then no TDS to be deducted 

Exemted amounts are for each deductee.... 

No TDS is deductible in your example... neither on Rs. 15000/- nor on Rs. 17000/- (Provided both bills are received from 2 separate persons)

 

 

Limit for deduction is based on per party not based on the company deducting TDS. Eg. if the total aggregrate professional fees paid to A by xyz Company exeed Rs 30000 then XYZ co should deducted TDS @ 10% u/s 194 J. Similary if Professional fees of other person say Mr. B for the whole year is Rs 29000 then TDS should not be deducted for Mr. B.

thanks for information. is ther any penalty if we accidently deduct tds on amount which is not exceed??

issue TDS certificate after making deposit and filing TDS return,

 

it is presumed that TDS is deducted taking a view that the deductor has to make another business in present financial year ( which is likely to exceed the limit after addition of present amount )and hence TDS deducted for safeguard of revenue.

No penalty.....you Just need to deposit the deducted amount with the goverment against the respective PAN No.

OKIE. have an another doubt. its regarding an accouting entry. we are dealing with instrumentation work n all.. the expense of such project works must move to Direct expense , but on which ledger name?? expens like rent, travelling, misc exp etc. under which ledger ?

Create a expense ledger by Name : Consumables. Under the head Direct Expenses.
What is instrumentation ?
What is instrumentation ?
What is instrumentation ?
It can be classified as Stores & spares if it has not long term life like fixed asset and is not required to carry in company's books as its assets
It can be classified as Stores & spares if it has not long term life like fixed asset and is not required to carry in company's books as its assets
It can be classified as Stores & spares if it has not long term life like fixed asset and is not required to carry in company's books as its assets

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 28 October 2026
Article assistants

Shyam S Gupta and Company

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details