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Tds query
TDS limit on payment to contractor for partnership firm
Replies (3)
u/s 94c, 30,000/- for individual bill & 1,00,000/- for aggregate bills during year
Tds need to be deducted if value of single contract exceeds Rs. 30,000.
However, Tds is also required to be deducted incase aggregate value of all the contracts in a financial year exceeds Rs. 100,000.
However, Tds is also required to be deducted incase aggregate value of all the contracts in a financial year exceeds Rs. 100,000.
TDS incase payment is made to contractor is as follws
in case payment is made to individual/HUF and payment exceed RS. 30000/- on single transaction or RS. 100000/- in a year then 1% TDS need to be deducted. incase payment made to other than individual/HUF. the rate is 2%.
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