Tds u/s. 194c
we contracted for Rs. 80000/- during the f.y. 2015-16 till december, but we did not deduct tds. so, should i deduct tds on 80000 or 5000.
Replies (2)
You need to deduct tax at source on 80k
YEP , deduct TDS on 80,000 as from day 1 you knew that the limit 30,000 single contract / 75,000 of 194C is exceeding .
MOREOVER , contract exceeding the limit TDS has to be deducted on whole amount and not on the difference.
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