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TDS ON CONTRACTOR PAYMENT UNDER 194c
If rs 5000 paid to a contractor having already applicable tds on earlier payments in financial year... then tds is deducted only 5000 or not.... any if I already paid to him rs 70000 in financial year,then what is the minimum amount on which I have to deduct tds on minimum payment....for example 2000, 3000, 1000, 1500 whta is the limit
Replies (2)
In case of 194 c if payment is 30000 rupees then TDS should be deducted only to a single contactor and if it is consolidated then TDS will be deducted on 1 lakh rupees
Yes, agreed. Deduct TDS on total value (including previous transactions) as and when the threshold limit crosses.
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