I am stuck up with an issue whether TDS will be dedcuted on the advance paid to the sub contractors of the construction company ? Reply ASAP and when should TDS be deducted if contractor expenses pertaining to january are paid in march..to my knowledge TDS is to be deducted in the month of march only as the expns is ebing debited in the month of march, but what about TDS on advance given pertaining to the month of january, contractors are for work contracts
waiting for an early response, thanks in advance for your valueable suggestions.
08 July 2008
TDS to be deducted on the basic of payment or credit which ever is earlier, if the amount cross the limit of Rs.20000/- in one payment or aggregating to Rs.50000/- in part payment.
CAclubindia
