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TDS DEDUCTION BOOK

Others 256 views 2 replies

sayad

Executive

207 Points Posted on 26 April 2021

When one need to file TDS return if it is small civil contractor

and also know what amount we must deduct TDS

and does party require PAN no when TDS is deducted and what if he doentnt have PAN NO And still TDS deducted

Replies (2)

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 26 April 2021

194C will be applicable as payment is made to civil contractor @ 1% if payment exceeds 30000 rupees.

PAN number is required for TDS deduction otherwise in case of non availability of PAN number 20% TDS will be deducted

CA ABHAY GUPTA

Practice

3235 Points Posted on 26 April 2021

In case of Individual if its turnover in previous year immediately proceeding the current year exceeds Rs 1 crore need to deduct tax except in case rent payments made by Individuals and HUF exceeding Rs 50000 per month.
Different section under TDS have different threshold limit and rate kindly refer chart for amount of TDS.
PAN is mandatory to deduct tax at rate prescribed else 20% tax will be deducted.