we are deducting tds for our clients under section 194C
section. exemption under this section is Rs.20000
suppose if a client bills more than Rs.20000, then i have
to deduct tds only for above Rs.20000/- bills or from the
first bill onwards.please clear me with as example
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exemption means, if client bill will be less tnan Rs 20000
for a year then pls do not deduct tds. if it is more than
Rs 20000 then deduct TDS on full value. (there as such no
exemption on TDS, this limit Rs 20000 is only for whether
to deduct TDS or not)
TDS has to be deducted on full value ie do not reduce Rs
20000 from bill. if bill is Rs 25000 deduct TDS on 25000 ie
2% on 25000 & not 2% on 5000 (25000-20000)
| Is This Answer Correct ? | 18 Yes | 3 No |
Answer / rajat rastogi
if you paid more than 20000 to your clients in a financial
year you have to deduct tds from the first bill
onwards.suppose you have to pay the party of rs 30000 then
the tds amount will be 30000*2%= 600
you have to pay party= 30000-600= 29400.
| Is This Answer Correct ? | 11 Yes | 0 No |
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