TDS treatment
This query is : Resolved
19 February 2008
Sir,
can we adjust TDS which was deducted on advance payment last year i.e. before 31st march 2007 with the Bills raised this year.
do we have to deduct TDS again..
can we adjust TDS which was deducted on advance payment last year i.e. before 31st march 2007 with the Bills raised this year.
do we have to deduct TDS again..
19 February 2008
Dear Mr Mandip, as the TDS has already been deducted on advance payment before 31.03.07, you need not deduct further TDS on the bill amount.
However, if the TDS was short deducted than TDS on (Bill amount minus the advance amount paid) has to be deducted in the year 2007-08
However, if the TDS was short deducted than TDS on (Bill amount minus the advance amount paid) has to be deducted in the year 2007-08
20 February 2008
since TDS is to be deducted, Payment or due whichever is earlier So You need not to deduct the TDS again and you r also need ot to adjust the TDS due to increased rate.But if advance payment is short from Bill Payment then short payment is to be deducted out @ new rate of TDS i.e.F/Y 2007-2008.
20 February 2008
you are not required to deduct tds again since it takes place on due or payment basis whichever is earlier ,but if there is any shortfall between the bill amount and the amount on which it was deducted ,assessee is liable to deduct tds on balance amount.
20 February 2008
As the TDS is to be deducted on the basis of income paid or credited whichever is earlier ,No Liability to deduct TDS again as the TDS has already been deducted on payment basis last year.
20 February 2008
TDS - need not to be on the advance amount, only on the net amount TDS is to be deducted.
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