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A is raise a bill to B of amt. 25000/
At the time of payment B will be deduct the TDS from which
rate.This bill raised first time to B By A.
Trilok Sharma
(Vigneshwara Developers)
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Answer / manoharnsr
For deduction of TDS 3 things are very important.
1. Nature of transaction
2. Nature of Service
3. Amount paid or payable.
There is no TDS on transactions involving purchase of goods
or assets.
The rate of TDS depends on the nature of service bought.
There is seperate cieling limit for each type of service.
for example in the case of professional services the limit
is Rs 20000 and for contractors it is Rs 50000.
In the present case assuming A is service provider, therate
of TDS depends on the nature of service and ofcourse if it
exceeds the cieling.
The frequency of transactions or the quantum of
transactions are irrelevant for the purpose of TDS.
Further TDS has to be made upon the earlier of payment or
credit and should be deposited with the authorities
subsequently with the time limits.
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / manoj
TDS will be deducted when the payment made is above the
ceiling prescribed. In the question u have not mentioned
what is the nature of the transaction is.. For the 1st
timers also u need to deduct the TDS if ur following manual
system of accounting . If ur following a computerised
system then u'll come to know the next time the payment is
made else if subsequently u made a payment which together
with the previous one exceeds the limit then ur liable to
deduct and it will be a mistake on ur part if u've not
deducted TDS.
So for precautionary measure it is advisable to deduct TDS
at the 1st time itself and u believe that there is a scope
of future dealing with the client.
| Is This Answer Correct ? | 2 Yes | 0 No |
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