TDS (Tax Deduction at source) RATES FOR FINANCIAL YEAR 2013-14
Yearly Limit u/s 194C: Where the aggregate of the amounts paid/credited or likely to be paid/credited to Contractor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be deducted u/s 194C.
TDS (Tax Deduction at source) RATES FOR FINANCIAL YEAR 2013-14
Yearly Limit u/s 194C: Where the aggregate of the amounts paid/credited or likely to be paid/credited to Contractor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be deducted u/s 194C.
Hi Namrata
I think now your query is resloved, the same is explain by Miss Vinitia Gupta
TDS will definitely be deducted as single payment exceeds Rs 30000.
Dont get confused on the matter between:
1) Whether to be deducted
and
2)When to b deducted.
Deduction is to be made at the time you enter or pay whichever is earlier.
But if Individual Bill Exceeds Rs. 30000/- but not exceeding the agregate 75000/- limit
thenwhether we have to deduct the tds on whole amount or only for the bill which exceed 30000/-...???????????
CAclubindia
