MY PROBLEM IS BELOW
WE HAVE RECD LABOUR BILL AMOUNT Rs.28780 IN THIS CONTRACT HAD ATTACHED PHOTOCOY OF PAN SO I HAVE DEDUCTED TDS @ 2% Rs.576 IN THE MONTH OF JULY AND SAME DEPOSITED IN GOVT NOW IN SECOND QTR IN AUG-12 WE HAVE RECD BILL Rs.33160 NOW WE WILL NOT GET FURTHER BILL IN FUTURE SO WHAT I HAVE TO DO IN THIS CASE ?
IF I DEPOSIT DIFF OF TDS IN 2ND QTR, ANY PROBLEM ?
PLS SUGGEST
THANKS
NILESH PRAJAPATI
Your question is not clear to me. If you mean in August a new bill received from the contractor then simply deduct the amount and deposit but if you mean it is old that is cosolidatd in August simply pay only the difference.
i mean to say two different bills received bill 1. Rs.28780 and Bill no.2 Rs.33160 out of two bill i have deducted Tds on 28780 X 2 % = Rs.576
as per my knowledge Tds should be deducted on Rs.33160 only bcoz Limit is not crossed Rs.75000/-
what i have to do in this case pls suggest.
thanks
Nilesh
You have to make further deduction for the second the bill and adjustment can be made.
i agree with Sanjay ji.........what do you want?
As per the rule tds under 194 c is applicalbe in case single bill payment exceeds rs.30000 or total sum payable/paid exceeds Rs.75000 for FY. In your case sencond bill as exceeding the limit of Rs.30000 and you have to deduct TDS.
Regards
Dayananda
Agree with above...
You have to deduct TDS on second bill to comply the provision of sec 194C.Because second bill corssing the limit 30000.first bill was optional not crossed the limit.
Reagards..
CA PRAVEEN
I HAVE THE KNOWLEDGE OF ACCOUNTS , I READ MORE ARTICLES ABOUT ACCOUNTS BUT I DIDNT KNEW TO APPY PRACTICALLY FOR EXAMPLE A CA STUDENT THINKS ABOUT ONE TRANSACTION IN MANY WAYSBUT I APPLY BLINDLY CAN ANY ONE SUGGEST ME HOW TO IMPROVE MY ACCOUNTS LIKE CA STUDENTS.
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