18 February 2014
An assessee hires cars and makes monthly payments, however some advaces have be made and deisel to be provided form our funds which is adjusted in final payments.
Exp: 1. Monthly payables 100000 2. Deisel for month provided from own fund 20000. 3. Advances given during the month Rupees 30000
Now whether the TDS to be deducted on final payment(after deduction of deisel and advaces) or monthly payables.
18 February 2014
TDS to be deducted at the time of booking of advance or expense whichever is earlier.As advances are booked earlier so TDS to be deducted on the same amount.
CAclubindia
