TDS
This query is : Resolved
03 November 2009
An assessee is required & eligible to deduct tax.
Say in march begining assessee made an advance payment (say) Rs. 7,00,000/- for a contract which is to be executed in month of april
but because of any reason contractor is unable to perform the contract & assessee had already had deduct tax on payment made.
what is tax & accounting implication as there is no performance of contract, yet TDS is being deducted
Say in march begining assessee made an advance payment (say) Rs. 7,00,000/- for a contract which is to be executed in month of april
but because of any reason contractor is unable to perform the contract & assessee had already had deduct tax on payment made.
what is tax & accounting implication as there is no performance of contract, yet TDS is being deducted
03 November 2009
doesn't matter. it should be treated simply advance to parties/supplier/vendor.
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