tds on feight
This query is : Resolved
25 June 2008
mr. X sold goods to Y. freight charges on goods are to be borne by the seller but actually the freight are paid by the purchaser. so, mr X credits Y's a/cs in our book and debits freight expenses.If freight charges require to deduct tds than who has the liability to deduct tax. mr y who has made the payment to transportation co. or mr X who has to actually records the exp.in his book?
plz reply , its urgent....
plz reply , its urgent....
25 June 2008
hi
Y is a purachaser. His cost of goods includes Purchase price+Freight. He is in no way connected with TDS.Since expenses is booked by X, Who in turns pays to Frieght, X is liable to pay TDS.
Y is a purachaser. His cost of goods includes Purchase price+Freight. He is in no way connected with TDS.Since expenses is booked by X, Who in turns pays to Frieght, X is liable to pay TDS.
25 June 2008
actually there are no records of freight with X and Ys a/c is debited wid the freight amounts in X books....and as such Y provides a service to us regarding transport of goods indirectly,,,,
is it right to deduct tds on y a/c?
or to get details regarding d transportation cos. from Y ?
whether Y can claimed tds as his account to shows the payment of freight?
is it right to deduct tds on y a/c?
or to get details regarding d transportation cos. from Y ?
whether Y can claimed tds as his account to shows the payment of freight?
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