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What is minium bill of TDS Deduction

Example

If Contractor give us 1st Bill - 10000/-
2nd Bill - 15000/-
3rd Bill - 7000/-

Answers were Sorted based on User's Feedback

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

TDS Applicable on minimum bill amount is Rs.20000/- per year
50000/-
if contractor is individual/HUF 1% TDS applicable
if contractor is given the bill in the name of firm 2% TDS
applicable

 Is This Answer Correct ? 50 Yes 18 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

Tds applicable on minimum bill amount is Rs. 20000/- per
year 50000/-

But there is no bill cross 20000/- and total bill in that
year not above 50000/- hence no tds deducted on contractor

 Is This Answer Correct ? 28 Yes 8 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

TDS is applicable if the following condition are satisfied:

(a).Value is exceeds Rs.50000 of the said contractor in a particular year,or
(b).Value of a single bill exceeds Rs.20000.
If any of the above said condition is satisfied then deduct 2% in case of Company and 1% in case of individual(TDS rate as applicable from 01.10.09).

 Is This Answer Correct ? 25 Yes 5 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

TDS Applicable on minimum bill amount is Rs.20000/- and
maximum Rs.50000/- per annum.

If contractor is individual/HUF @1% TDS applicable, If
contractor is given the bill in the name of firm @2% TDS
applicable.

But there is no bill cross of Rs.20000/- and total bills /
payments not more than Rs.50000/- per annum, no tds
deducted on contractor bills/ payments.

 Is This Answer Correct ? 20 Yes 3 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

TDS applicable on Minimum Bill amount 20000/ P.A

1 10000/ TDs Not applicable
2. 15000/ TDS applicable (15000+10000) 2%+3% E.Cess
for Main Contractor
3. 7000 on 2% + 3% Education Cess.

Note- in case 1 (10000/-) applicable if a contractor bill
rs. more than 20000/- in a year

For sub contracot & advertising com. 1% + 3 % edu. cess

 Is This Answer Correct ? 24 Yes 12 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

TDS is calculated on the bill amount.

i.e., 10000*2.06%=206
15000*2.06%=309
7000*2.06%=144.2

 Is This Answer Correct ? 66 Yes 55 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

TDS applicable on Minimum Bill amount 20000/ P.A

1 10000/ TDs Not applicable
2. 15000/ TDS applicable (15000+10000) 2%
3. 7000 on 2%.

 Is This Answer Correct ? 21 Yes 10 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

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/-.

 Is This Answer Correct ? 9 Yes 1 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

30000 ONE BILL
AND TOTAL IN A.Y 75000 RS

 Is This Answer Correct ? 8 Yes 2 No

What is minium bill of TDS Deduction Example If Contractor give us 1st Bill - 10000/- 2nd Bil..

206
309
144.20

 Is This Answer Correct ? 4 Yes 0 No

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