Is TDS deducted on production incentive?
Nitil Kr. Agarwala
(Persuing CS)
(264 Points)
Replied 26 June 2012
| Originally posted by : CA PRAVEEN SINGH | ||
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BASIC PRINCIPLE OF DEDUCTION OF TDS IS :- AMOUNT PAID TO PARTY OR PARTY A/C IS CREDITED (WHICH IS FALL EARLIER) FOR LIMIT AS FOR ONE BILL EXCEEDING Rs 30000.00 or ANNUALLY Rs 75000 . YOU HAVE TO ESTIMATE EARLIER.BY APPLYING BEST EFFORTS.WHETHER LIMIT CAN CROSS. BUT AS PER MY VIEWS.TDS SHOULD BE DEDUCTED IN EACH BILL FOLLOWING SAFE SIDE TO AVOID INTEREST & PENALTY. REGARDS:- CA PRAVEEN |
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agreed
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