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TDS India: 194C Contractors/Subcontractors
As per Indian taxes, section 194C TDS has to be deduct 1% on other than company and 2% on company. But it has some threshold limits as if a single contract exceeds Rs.30000/- or all contracts exceeds Rs.750Ǡ/- in a year, you have to deduct TDS from that particular vendor. Once TDS attracts in one of the both conditions TDS deduction has to continue on each bill for that year. Inaddition to that, at the time of TDS attract in one of the both conditions, TDS has to calculate for all previous contracts which is below threshold limit at that time in addtion to the present contract base amount which is exceed threshold limit.
ase….give me step by step process of configuration by satisfying above all conditions for a single vendor.
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