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
CAclubindia
