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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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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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