• TDS on contract

The assessee (LLP firm) has given contract to a person (individual) to make a gym including interior work with raw material i.e 5000 sq.ft @740 sq.ft..The assessee is liable to deduct TDS, if any,on which amount for FY 2018-19
Asked 5 years ago in Income Tax

Hi,

 

Hope you are doing well !!

 

TDS@1% is required to be deducted on any sum payable to contractor.

Payal Chhajed
CA, Mumbai
5188 Answers
288 Consultations

5.0 on 5.0

Hi

 

Tds to be deducted @ 1% on sum paid to contractor.

Tds to be deducted if sum paid is exceeding Rs 30000.

 

 

Hope it helps

Swati Agrawal
CA, Mumbai
1146 Answers
7 Consultations

5.0 on 5.0

Hi

Yes, the assessee is liable to deduct TDS @1% under section 194C.

TDS shall be deducted on the gross payment made to the contractor (including raw material cost).

Lakshita Bhandari
CA, Mumbai
5687 Answers
908 Consultations

5.0 on 5.0

Yes the LLP is required to deduct TDS on payment made to individual for such contract @1%.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
4265 Answers
96 Consultations

5.0 on 5.0

Dear Sir,

 

As per the provisions of Section 194C of the Income Tax Act, TDS@1% will be deducted from any payments or credits made to resident individuals.

 

TDS on Contractor payments need not be deducted If amount paid or credited does not exceed a sum of rupees 30,000 in a single payment, and an aggregate of rupees 1,00,000 during the financial year..

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

Yes Tds provisions applicable under section 194C @ 1% on contract amount excluding GST if any on due or payment which ever is earlier 

Lalit Bansal
CA, Delhi
773 Answers
61 Consultations

5.0 on 5.0

Hi,

- As the total amount is more than Rs.1 lacs, you are required to deduct TDS @1% on the total amount u/s 194C.

 

Thanks

Vivek Kumar Arora
CA, Delhi
4825 Answers
1030 Consultations

5.0 on 5.0

The assessee is liable to deduct taxes at 2% on gross payment under section 194C. This are contractual payments.  Taxes are to be deposited into government treasury Within 7 days from the end of the month in which the deduction is made. Also.  TDS certificates are to be issued on the quarterly basis in Form No.16A

Jasmina Jain Shah
CA, Greater Mumbai
454 Answers
4 Consultations

5.0 on 5.0

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