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
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TDS on 194C
Replies (4)
Once the either of the threshold i.e.100000 for total or 30000 for single payment is crossed, Tax is to be deducted for entire cumulative payment till date. In this case tax is to be deducted on payment of 10000 as well.
TDS will be deducted on whole amount paid/credited .
In our Dindigul Apmc market not available but we are purchase Herb s from villagers and Crower with only cash how we get exemption
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.
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