Tds applicability
This query is : Resolved
16 February 2012
respected experts,
we take bank finance , it disburse on 31.03.2011 same directly paid to vendors who provide service and machine. since invoice for the same received in further month say may june so when tds applicable? am i correct to deduct and pay in this AY 2011-2012 as per invoice? otherwise what problem arise?
we take bank finance , it disburse on 31.03.2011 same directly paid to vendors who provide service and machine. since invoice for the same received in further month say may june so when tds applicable? am i correct to deduct and pay in this AY 2011-2012 as per invoice? otherwise what problem arise?
CA PARAS BAFNA
(Expert)
19 February 2012
On which amount you want to deduct tax ?
A. Interest Payable to Bank
Reply- No TDS is required.
B. Payment for machinery.
Reply- No TDS is required to be deducted.
C. On any other Transaction ????
Reply- Please clarify.
A. Interest Payable to Bank
Reply- No TDS is required.
B. Payment for machinery.
Reply- No TDS is required to be deducted.
C. On any other Transaction ????
Reply- Please clarify.
26 February 2012
respected sir, we make a payment to labour contractor and service contractors!
CA PARAS BAFNA
(Expert)
26 February 2012
Tax has to be deducted on the basis of "paid or credited which ever is earlier".
.
.
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