Please confirm that whether TDS will be applicable or not in following cases:
A multipurpose printing machinery was purchased from a party of Rs 5,00,000 during the year 2008-09. Later on a bills was received of Rs 8000 (related to charges of paper printing on the basis of contract) in the same financial year. Since payment on a/c of contract does not exceed Rs 20,000 whether TDS will be deducted on that bill or not.
Thanx in advance
| Originally posted by :Naveen Chand Khulve | ||
| " | Please confirm that whether TDS will be applicable or not in following cases: A multipurpose printing machinery was purchased from a party of Rs 5,00,000 during the year 2008-09. Later on a bills was received of Rs 8000 (related to charges of paper printing on the basis of contract) in the same financial year. Since payment on a/c of contract does not exceed Rs 20,000 whether TDS will be deducted on that bill or not. Thanx in advance |
" |
No This transaction does no attract TDS . TDS will applicable only if payment exceeds Rs 20k for each and Rs 50K in One FY. as of now your payment is didn't exceeds Rs 20k . so no need of deducting TDS. and if the payment is going to exceed RS 50K in one Fy then you can deduct TDS on this trans. if not No TDS.
i agree with d above reply....
T.D.S is not attacted bcz in one financial year pay ment not exceed 20000 then deduct tax
CAclubindia
