Tds
This query is : Open
26 November 2018
Invoice consists of both material and service i.e. installation. Material received but installation was not done. Vendor requested for payment of material value. Installation charges will be paid after installation. In this case, is it required to charge TDS on service i.e. installation charges?
26 November 2018
Yes, TDS should be deducted at service portion ( Installation charges ).
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26 November 2018
Taxable value of material is Rs.19,96,035
Taxable value of service is Rs. 2,13,157
IGST @ 5%
In this case, what is the amount of TDS and TDS under GST?
Taxable value of service is Rs. 2,13,157
IGST @ 5%
In this case, what is the amount of TDS and TDS under GST?
26 November 2018
TDS should be deducted at service portion only, so you can deduct TDS on the taxable value 213157 @ applicable rate.
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26 November 2018
Sir my question is when to deduct TDS i.e. whether at the time of raise of invoice or at the time of payment? For example invoice raised on 15.10.2018 for installation charges but installation and payment will be done in December, 2018.
26 November 2018
TDS to be deducted on the date whichever is earlier on below.
01. Invoice received date ( or ) 02. Payment date whichever is earlier.
in your case, TDS should be deducted in the month of Oct-2018 and to be deposited on the due date ( 07/11/2018 ).
But most of the time we have receive the invoices after the due dates ( late submission of invoice ). In this case you dont worry about it, You should treat the invoice accounting date is a invoice received date hence should deduct the TDS at the time of invoice booking and remitting the TDS on next month on or before 7th.
Hope you can understand.
01. Invoice received date ( or ) 02. Payment date whichever is earlier.
in your case, TDS should be deducted in the month of Oct-2018 and to be deposited on the due date ( 07/11/2018 ).
But most of the time we have receive the invoices after the due dates ( late submission of invoice ). In this case you dont worry about it, You should treat the invoice accounting date is a invoice received date hence should deduct the TDS at the time of invoice booking and remitting the TDS on next month on or before 7th.
Hope you can understand.
26 November 2018
Thank you so much Sir
19 February 2019
Dear Sir,
For the service payment, Invoice is raised on the name of "X" but payment made to "Y" and TDS also deducted. Is it justifiable? otherwise, what are the consequences in this case?
For the service payment, Invoice is raised on the name of "X" but payment made to "Y" and TDS also deducted. Is it justifiable? otherwise, what are the consequences in this case?
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