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TMI BlogTDS on Contracts and SubcontractsX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir/s On which amount TDS should 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. 15,000/- May-12 Rs. 25,000/- June-12 Rs. 15,000/- August-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 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/- 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bill. Kindly advise me - Reply 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 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 clea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rly visible that amount can exceed Rs. 70000,then TDS should be deducted from first payment - TDS on Contracts and Subcontracts - Query Started By: - guna ch Dated:- 12-12-2012 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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