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TDS ON CONTRACT
when the tds will be deducted in case of contract if i pay 5 times payment in a f.y. and these amount exceeds of rs 100000....will the tds should be deducted for each payment time ???? plz reply sir....
Replies (8)
I think this query has been already discussed and replied in the morning. The query also raised by you only.
you have to deduct tds on full Rs.100000
and sir when rs 30000 will be applicable for tds deduction in contractual work???
If single bill value exceed 30,000
sir in a same financial year can i deduct tds for 2 seperate payments where one invoice is rs 34000 and other invoice is rs 60000 for tds on contractual work??? plz clear me sir
Yes, you are required to deduct tds on both invoices
sir one more thing please clear i have paid 4 instalment payments one is rs 40000 other rs 20000 3rd is rs 20000 4th is rs 30000.... in a cotractual work so can i deduct tds at first 40000 and end of the f.y. i deduct tds on rs 20000+ rs 20000+rs30000 in this way sir???? please clear me
if u deduct tds on 70000 at the end of the yr then u have to pay interest for late payment
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