Hi All,
Can anybody clarify If Payment to contractors as an individual Rs.76000 p.a then howmuch TDS need to be deduct ? whether Total Payment Rs.76000 ? or Rs.1000 only i.e (Exceeding Rs.75000)
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Tds on contract
Replies (8)
On total 76,000/- @ 2% if dedctee is compnay or Firm otherwise @ 1%
TDS has to be deducted on the entire sum of Rs 76,000 only..Ensure that the payer which in your case is an individual is liable for tax audit u/s 44 AB..If he is not liable for tax audit he need not deduct TDS at all.
Tds has to be deducted on the entire amount of Rs 76000.
TDS on full payment once its exceeds the exemption limit
TDS to be deducted on total payment of Rs. 76000/- 2% for Company & HUF and 1% for others
I agree with Prashanth's reply.
An Individual, if he is not subject to Tax Audit u/s 44AB, not required to deduct tax at source.
TDS IS TO BE DEDUCTED ON TOTAL AMOUNT
1% on total amount i.e. 1% of 76000 = Rs.760
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