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if there is no express contract between parties,but makes
no. of payments to a particular party and those payments
exceeds the limits prescribed(i.e 20000 or 50000 as the
case may be)is tds applicable for the same?
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Answer / h.r. sreepada bhagi
Whether there is a contract or not, if the total amount paid
or credited (or expected to be paid or credited) to a vendor
during a financial year is more than Rs. 20000/- in one bill
or total Rs. 50000/- in a year, Tax needs to be deducted at
source and remitted to the government. In other words,
existence of a contract is not necessary to apply TDS (In
this case the expense/payment should be in such a nature to
be covered under Section 194C of the Income Tax Act, 1961
(India).
| Is This Answer Correct ? | 10 Yes | 0 No |
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