Tds

This query is : Resolved

mamtha sharma (Querist)
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08 October 2016 We have purchased Easy Recharge from Reliance communication of 2,79,00,000 Rs they have given bill of Rs 2,90,00,000 but they have given TDS on 26 lakh rs of 2,60,000rs.
In this 26 lakh rs they have given 10 lakh rs directly to retailers(our customer,reliance is our supplier). Remaining amount to us
Now we want to claim TDS on 26 lakhs
How to show it in P & L??
How to claim it??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 October 2016 Show 26 lacs as commission receipt and 10 lacs as commission paid to retailers in P&L account. Then 2.60 lacs TDS can be claimed in the IT return.

mamtha sharma

mamtha sharma (Querist)
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09 October 2016 Do we have to deduct tax on 10 lakh rupees

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 October 2016 yes if payment exceeds threshold of each person.