TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2011
One of our client has submitted their claim bill for giving plant & machinery on hire to one of their client as follows:
Gross claim bill Rs.500000.00
Less: Rebate @1% (if paid within 48 hours) Rs.5000.00
Total amount paid (if paid within 48Hours)
Rs.495000.00
If payment is made within 48hours then please tell me on which amount income tax shall be deducted i.e on Gross amount or on net amount after rebate
Please guide me
Gross claim bill Rs.500000.00
Less: Rebate @1% (if paid within 48 hours) Rs.5000.00
Total amount paid (if paid within 48Hours)
Rs.495000.00
If payment is made within 48hours then please tell me on which amount income tax shall be deducted i.e on Gross amount or on net amount after rebate
Please guide me
25 February 2011
Net amount.......
25 February 2011
TDS will applicable on which amount you are credited to party.
right way credit full amount to party and deduct tds on full amount.
right way credit full amount to party and deduct tds on full amount.
25 February 2011
TDS to be deducted on the amount u are liable to pay..
so TDS on net amount if payment made within 48 hrs.
so TDS on net amount if payment made within 48 hrs.
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