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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/-
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Answer / vikram reddy
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 |
Answer / soumitra biswas
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 |
Answer / m v ramana
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 |
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 |
Answer / mohsin
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 |
Answer / pradeep gupta
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 |
Answer / 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/-.
| Is This Answer Correct ? | 9 Yes | 1 No |
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