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?
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 |
If seller sale exempted goods outside the state then "c form" is necessary or not?
1> how can calculate tax for provide service? 2> how can calculate vat for selling product?
vat return dates for uttrakhand
WHAT IS EXECUTION OF WORKS CONTRACT ?
What are the items are the purpose of calculating taxable? - Excise duty - Fine & penalty - Loss on sale fixed assets - Depreciation on fixed assets
i HAVE MANUFACTURING UNIT IN KARNATAKA & I HAVE DEPOT IN KARNATAKA ON WHICH VALUE SHALL I PAY ENTRY TAX ON STOCK TRANSFER VALUE OR DEPOT SALE VALUE.
In Indian Taxation point of view, what you will look into a payment or what is to be observed while making a payment.
WHAT WOULD BE THE RATE OF DEPRECIATION OF RAILWAY SIDING AT STRAIGHT LINE METHOD UNDER COMPANIES ACT?
E payment is valid for Income Tax only or can other payment will me made?
What is RG1 Register, why we make this register and which items shown in this register,
On what amount of sale Excise Duty levied?
We made full payment to contractor and forget to deduct TDS on that.Now contractor ledger is fully settled and we have to pass the TDS entries on that. Kindly guide rectify the entries on tds