Hello Members,
I have a query regarding Newly inserted TDS on Scrap. The applicable value of TDS is 2,50,000/-. My Question is whether this the threshold limit or the single Invoice value
Thanks in advance
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TDS ON METAL SCRAP THRESHOLD LIMIT
Replies (2)
A contract or purchase order or any other agreement with vendor should cross 2.5L then tds will be applicable.
Hello sir,
As per notification, If a person recives metal scrap, then such person has to deduct TDS @ 2% only if transaction value exceeds Rs 2.5 lakh,
Rs 2.5 lakh limit is for individual transaction. So, if your individual invoice value exceeds 2.5 lakh, Deductor has to deduct TDS.
Please let me know if I am wrong anywhere.
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