TaxTMI 
TaxTMI 
TaxTMI 
TDS on Contracts and Subcontracts
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....DS on Contracts and Subcontracts<br> Query (Issue) Started By: - guna ch Dated:- 12-12-2012 Last Reply Date:- 10-1-2013 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear Sir/s On which amount TDS shoul....
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....d be deductable in the case of Lumpsum amount If single payment is Rs. 30,000/- then 29700+TDS is 300 In the case of Lumsum amount on which bill we would deduct tds for example In April-12 Rs. 15,0....
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....00/- May-12 Rs. 25,000/- June-12 Rs. 15,000/- August-12 Rs. 10,000/- Nov-12 Rs. 18,000/- Total Rs. 83,000/- My doubt is shall i Deduct tds on Rs. 83,000/- or on last bill Nov-12 Rs. 18,000/....
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....- or difference amount after exceeding cut off amount ,on Rs. 8,000 (83,000-75,000=8,000) If I Pay TDS on 83,000/- , Shall i calculate interest for every bill up to last bill. Kindly advise me Reply....
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.... By manoj kumar: The Reply: Under TDS is not to be deducted in case amount do not exceed following limit: 1.Rs.30000 - In case of single Payment 2.Rs.70000 - In case of multiple amounts during the ....
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....year. So,In the given example TDS shall be deducted on last payment as earlier payments are not exceeding Rs.30000 or Rs. 70000. if from contract,it is clearly visible that amount can exceed Rs. 70....
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....000,then TDS should be deducted from first payment<br> Discussion Forum - Knowledge Sharing ....