TDS

dasd (Querist) 22 December 2009 This query is : Resolved

TDS on contracter will be deducted on what amt & when
case A
01-04-07 5000
01-05-07 2500
20-06-07 2000
21-06-07 20000
23-09-07 5000
26-09-07 9000

full year less than 50000
now whether tds will be deducted on
all or tds will be deducted from 21/6/07 to 26/9/07
b/c rs 20000 limit crossed once

case b
01-04-07 5000
01-05-07 20000
20-06-07 5000
21-06-07 10000
23-09-07 5000
31-03-08 10000

full year more than 50000
now whether tds will be deducted on
all since 50000 amt exceeds on 31/3/08
we have to pay int on tds deducted for above amts

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A V Vishal (Expert) 22 December 2009
No deduction of tax at source shall be made under 194C in the following circumstances:
If the amount paid/payable or credited/likely to be credited to the contractor/sub-contractor does not exceed Rs.20,000/- in a single instance. However, the total of amounts paid or credited during the financial year should not exceed Rs.50,000/-. If the said amount exceeds Rs.50,000/-, then, the liability for payment arises on the whole of amount paid or credited and not on the amount in excess of Rs.50,000/-

Raj Kumar Makkad (Expert) 22 December 2009
I do agree with Vishal.

murtaza (Expert) 28 December 2009
u/s 194C If payment exceeds Rs.20,000/- and on accural basic Rs.50,000/- limit.

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