Is Tds applicable on purchase of fixed assets
This query is : Resolved
13 April 2017
Am an accountant in a School.we ordered for tables as per our requirements.Materials not supplied to that supplier.Is TDS on contract need to be deducted on the payment (120000)to supplier.please help in doing the same
13 April 2017
TDS is applicable on services and not on purchases, if you are purchasing fixed asset and vendor is charging VAT on his bill then there is no requirement of deducting TDS because VAT is levied on goods. But if Installation charges are also charged separately by vendor then TDS should be deducted on such amount subject to TDS provisions
In your case as you have said that furniture is ordered so definately vendor will charge VAT on it and hence there is no requirement of deducting TDS.
I hope this will resolve your query.
In your case as you have said that furniture is ordered so definately vendor will charge VAT on it and hence there is no requirement of deducting TDS.
I hope this will resolve your query.
13 April 2017
Thanking you sir.Is supply of Mineral Water on regular basis comes under service.is it necessary to deduct TDS (If it exceeds Threshold Limit)
13 April 2017
No TDS should be deducted from payment
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