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TDS ON CONTRACTUAL WORK
sir when rs 30000 will be applicable for tds deduction in contractual work???plz reply me
Replies (3)
If payment to Contractor exceeds Rs. 30000 in a single Invoice
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
As you said you made first payment of a sum equal to 40000, which is more than 30000.
Hence Sec 194C become applicable to you.
Deduct TDS on 40000 when you make payment of same.
After this you made payment of 20000. Also, deduct TDS on 20000.
At the time of making first payment you become liable to deduct TDS, so Deduct TDS on each payment.
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