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Tds deduction u/s 194 c 194h & 194i

TDS 12212 views 1 replies

Dear Members,

Can u please clarify my following doubts w.r.t. TDS deduction u/s 194C,194H & 194I

1) How do i calculate the threshhold limit of 194C i.e.30000 & Rs. 75000 & 194 I i.e.Rs. 1,80,000.

2) Is the limit under 194C-Payment to contractors for single transaction of Rs.30000 for Per Annum or anytime during the    

          year?

3) what if i had already deducted and paid the TDS in govt treasuery but at the end of year the threshhold limit mentioned has not been crossed?

4) Most imp...can i wait for the payments to be made under various sections to cross the threshold limit and pay them  only in hte month in which it crosses that limit? for eg. if i had made payment to a contractor for Rs.25000 till Dec-12 and Rs.50000 in Mar-13 ...so when will i need to pay tds in Govt. Trasuery.
-->    should i pay TDS on the whole Rs. 75000 for qtr-IV  or

---->  should i pay TDS on Rs 25000 for qtr-III even though i am uncertian that I would be paying Rs. 50000 in March-13. 

Replies (1)

1. for 194 C Rs 30000/- limit is for transaction, if on single transaction exceeds rs 30000/- you have to deduct TDS. Rs 75000 limit is pa. if the total of transaction exceed rs 75000 you have to deduct tds on whole of the amount.

 

2.cleared from point 1.

 

3.if you have paid and the limit is not exceeded then there is no problem the deductee will claim this as credit.

 

4.As I have already mentioned you have to deduct tds on whole amount once the limit has crossed, if you will wait for limit to exceed then you have to pay interest for late deduction.

 

I hope all your doubts get cleared.

 


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