Elementary stuff, but just wished to confirm this before going ahead.
The current threshold for 194C is 30,000 for individual payments ( 20,000 till 30.6.10)
So this means, that a singular 30,000 payment need not have TDS deducted but a payment of 30,001will require it to be deducted right?
Plus does the rule of aggregate/single payments to d party apply every year? Meaning if aggregate payments in FY 2009-10 exceeded 50,000 ( contractor), does the rule start afresh for 10/11? ( meaning the first 50,000 odd payments in 10/11 till 30.6.10 will not attract tax)
CAclubindia
