Question

If tds is to be paid after rs 75000/- what is the deduction amt for subsequent bills

Answer 1

Answer:

If the total of all payment or credit amounts given to the contractor by the payer is found to be in excess of Rs 75,000 over the course of the financial year, then the payer will be required to ensure that deduction of TDS takes place from the total payment amount.

Answer 2

Under the existing provisions of section 194C of the Act payment to contractors is subject to tax deduction at source (TDS) at the rate of 1% in case the payee is an individual or Hindu undivided family and at the rate of 2% in case of other payees if such payment exceeds Rs. 30,000 or aggregate of such payment