Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2014 tds is deducted on mobilization fund which is given by debtor to client as advance and it is set off against sales amount paid by them to client. they also deduct the tax on sales(invoice amount) in 26AS tds is is more than the sales proportion due above reason what is treatment whether it required to increase the sales even there is sales really?
E.g: mobilization fund 50,00,000
tds deducted:50000 actual sales:69,15,000
tds on sales:69150 total tds on 26AS:119150
what is the tax treatment and accounting treatment?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 September 2014 how does excess TDS affects accounting treatment?

just report the actual sales which is rs 69.15 lakhs and claim the whole of the tax credit...