TDS Applicability on Interest on Moblisation Advance
This query is : Resolved
20 May 2008
Dear Sir,
We are Civil Contractors we are getting moblisation advance from Contractee( Govt / Private) They are deducting interest on moblisation advance from our running account bills
we have to Deduct TDS or Not. since we are not paying any interest directly to them they are directly deducting from our running account bills bills
We are Civil Contractors we are getting moblisation advance from Contractee( Govt / Private) They are deducting interest on moblisation advance from our running account bills
we have to Deduct TDS or Not. since we are not paying any interest directly to them they are directly deducting from our running account bills bills
20 May 2008
you have to deduct tax u/s 194A at the time of payment or credit, whichever is earlier, so clearly your liablity arise to deduct tax.
on govt. deparments you don't need to deduct tax, it is not reqd.
on pvt. contracts, discuss with contractee and charge TDS amopunt in ur bills. better raise seperate bill for tds.
meanwhile deposit tds corresponding to date of credit in ur books.
on govt. deparments you don't need to deduct tax, it is not reqd.
on pvt. contracts, discuss with contractee and charge TDS amopunt in ur bills. better raise seperate bill for tds.
meanwhile deposit tds corresponding to date of credit in ur books.
21 May 2008
Mobilisation of advance is also subject to deduction of tax at source.
The contractee is the person who will ddeduct. Your statement "we (contractors)have to deduct TDS or not"is therefore not understood. Secondly where is the room for interest is not clearly stated.
The contractee is the person who will ddeduct. Your statement "we (contractors)have to deduct TDS or not"is therefore not understood. Secondly where is the room for interest is not clearly stated.
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