3 bills received from contractor of rs 10000 each of novemver
1 bill in december of rs 40000
deducted TDS on bill of 40000 rs.
should we deduct TDS on bills of rs. 10000 also
threshold limit of rs 1 lakh is not crossed
TDS will be deducted on whole amount paid/credited .
If the threshold limit of Rs. 1 Lakh is not crossed then no need to deduct TDS on bill of Rs. 10,000. TDS to be deducted only on Rs. 40,000 Bill.
But it is expected that the total contract bill during the FY will cross the threshold limit then TDS deducted on the entire bills.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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