Tds 194c
This query is : Resolved
27 June 2012
Bill no 1 - Amt Rs.20,000
Bill no. 2 -Amt Rs.24,000
Payment made through Cheque Rs 54000
Now advance made in same current year Rs 35000, Is there is a liability to deduct TDS on both 54000 and 35000 ?
Bill no. 2 -Amt Rs.24,000
Payment made through Cheque Rs 54000
Now advance made in same current year Rs 35000, Is there is a liability to deduct TDS on both 54000 and 35000 ?
27 June 2012
TDS needs to be deducted on payment or credit whichever is earlier.
In your case advance payment is made Rs 35000/- so TDS needs to be deducted on Rs 35000/- after that when you pay balance of Rs 9000/- (I.e., 20000+24000-35000) you have to deduct TDS on Rs. 9000/- only.
So even if your make more payment be it advance under certain head which attracts TDS you have to deduct TDS.
In your case advance payment is made Rs 35000/- so TDS needs to be deducted on Rs 35000/- after that when you pay balance of Rs 9000/- (I.e., 20000+24000-35000) you have to deduct TDS on Rs. 9000/- only.
So even if your make more payment be it advance under certain head which attracts TDS you have to deduct TDS.
27 June 2012
Sir before making advance we had already paid 54000 outstanding amt.
27 June 2012
See TDS need not be deducted twice. If TDS is already deducted for that expense you need not deduct TDS again.
27 June 2012
TDS IS TO BE DEDUCTED WHEN PAID (in advance)or PARTY A/C IS CREDITED (which ever is earlier)
WHEN YOU PAID ADVANCE YOU HAVE TO DEDUCT TDS.
& AFTER BILL PRESENTED BY PARTY FOR EXCESS AMOUNT THEN TDS IS TO BE DEDUCTED ON BALANCE AMOUNT.
WHEN YOU PAID ADVANCE YOU HAVE TO DEDUCT TDS.
& AFTER BILL PRESENTED BY PARTY FOR EXCESS AMOUNT THEN TDS IS TO BE DEDUCTED ON BALANCE AMOUNT.
27 June 2012
TDS WILL BE DEDUCTED WHEN PAID OR AMOUNT CREDITED IN PARTY A/C WHICHEVER IS EARLIER.
TDS WILL BE DEDUCT ON RS 35000.
TDS WILL BE DEDUCT ON RS 35000.
27 June 2012
REMAIN AMOUNT RS 54000-35000=19000
TDS ON REMAINING AMOUNT DEDUCTED WHEN PAID OR CREDITED IN PARTY A/C WHICHEVER IS EARLIER.
TDS ON REMAINING AMOUNT DEDUCTED WHEN PAID OR CREDITED IN PARTY A/C WHICHEVER IS EARLIER.
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