TDS
This query is : Open
25 July 2009
There is a queary regarding TDS. we are the civil contractor and carrying out eraction of towers as civil contractor TDS is 2.06.
Now, the company has paid us Rs. 200000 as part payment of bill insted of Rs.1000000 as full amount for the bill of last financial year and deducted full amount of TDS in last year and company will pay the rest amount in this year. whether is it tenable? what should be the accounting entry? and how i can claim refund and show my income of Rs.800000?
Now, the company has paid us Rs. 200000 as part payment of bill insted of Rs.1000000 as full amount for the bill of last financial year and deducted full amount of TDS in last year and company will pay the rest amount in this year. whether is it tenable? what should be the accounting entry? and how i can claim refund and show my income of Rs.800000?
25 July 2009
The action of the deductor is tenable and as per law.
The accounting entry will depend on whether you maintain your books as per mercantile system or cash system.
In case you are following cash system, you need to claim credit of TDS amount proportionately depending on the amount of income returned.
The accounting entry will depend on whether you maintain your books as per mercantile system or cash system.
In case you are following cash system, you need to claim credit of TDS amount proportionately depending on the amount of income returned.
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