What is minium bill of TDS Deduction
Example
If Contractor give us 1st Bill - 10000/-
2nd Bill - 15000/-
3rd Bill - 7000/-
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Answer Posted / ramana. m.v
The rates are applicable for the FY 2012-13 AY 2013-14 :
1% where payment / credit is to an Individual or HUF.
2% where recipient is any other person.
If the credit or the payment in pursuance of the contract does not exceed Rs.30,000/-, no deduction has to be made at source. However , if the aggregate of all amounts paid/credited or likely to be paid/credited exceeds Rs. 75,000/- then tax at source is to be deducted
TDS without PAN : If Pan has not been provided by the deductee, then TDS must be deducted @ 20% u/s 206AA.
* There is no need to deduct any TDS for a single financial year not exceeded Rs.75000/-.
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