Tds on down payment

Dear :

As per Section 194C of the income tax Act the TDS on Contract and Sub Contracts should be Deducted on individual  payment of  Rs. 30000 or More and Collectivly Rs. 75000 or more in a year  and Such TDS should be Deducted at the time of payment or Credit Whichever is Ealier ..

Hence in your Case, at the time of Down Payment of RS.76000, TDS should be Deducted........ @ rate of 1% or  2% as the Case may be .......

agree with nitesh

Hi

i am totally agree with Nitesh, TDS should be Deducted at the time of payment or Credit Whichever is Ealier, if individual  payment is Rs. 30000 or More or  Total amount for the year is Rs. 75000 or more..................