I would like to know if a contract bill of 40,000 was settled by payment of 30,000 and 10,000.
So is tds applicable u/s. 194C?
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Tds on contract
Replies (5)
Yes... TDS applicable if A "SINGLE BILL" exceeding above 30k...
Yes TDS under 194C is applicable as bill amount exceeded the limit 30000/- ( @ 2% if paying to Non-individual and 1% if paying to individual)
However if you are an individual proprietory concern ( not under 44AB tax audit) , then there is no requirement to deduct TDS .
However if you are an individual proprietory concern ( not under 44AB tax audit) , then there is no requirement to deduct TDS .
Thank you for your guidance ...
What would be the tds status in the case of multiple bills exceeding 30000 but less than 100000 ?
Please help
TDS becomes applicable on whole amount once it crosses the aggregate 1 lakh limit which is per person / party
(sorry for attending this query after some attention. bcoz, last few days I'm not like that for... .... )
@ Mr Rajiesh.,
What would be the tds status in the case of multiple bills exceeding 30000 but less than 100000 ?
- Tds not applicable if limit not exceeding 1 laksh...
@ Mr Rajiesh.,
What would be the tds status in the case of multiple bills exceeding 30000 but less than 100000 ?
- Tds not applicable if limit not exceeding 1 laksh...
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