Tds Applicable on Debit Notes - Urgent
This query is : Resolved
29 September 2009
Dear Experts,
We are doing a residential project in Joint venture in 50-50 Ration. ABC and XYZ companies are doing in JV.
ABC Company has all power and rights developing residential project.
ABC Company is deploying all man powers and equipments for same project and issue a debit note to XYZ each month for Employs or staff are engage with same project debit note is inclusive of service tax.
All the staff is in payroll of ABC Company.
Now my question is should XYZ Company deduct a TDS on Debit notes issued by an ABC company while making a payment.
If yes then why or if not then why. Please guide.
Regards
Ravinder
We are doing a residential project in Joint venture in 50-50 Ration. ABC and XYZ companies are doing in JV.
ABC Company has all power and rights developing residential project.
ABC Company is deploying all man powers and equipments for same project and issue a debit note to XYZ each month for Employs or staff are engage with same project debit note is inclusive of service tax.
All the staff is in payroll of ABC Company.
Now my question is should XYZ Company deduct a TDS on Debit notes issued by an ABC company while making a payment.
If yes then why or if not then why. Please guide.
Regards
Ravinder
29 September 2009
you are issuing debit note or Invoice TDs attract on contractual amount.
29 September 2009
There would not be TDS deduction as the debit note is in the nature of expenses being reimbursed in line with the ratio of sharing in the joint-venture.
The same is not an income defined under the various sections for Tax deductions
The same is not an income defined under the various sections for Tax deductions
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