Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
DEar sir,
can we deduct tds on advace. if yes,tell me how?
tahnks & regards,
avinash korde.
can we deduct tds on advace. if yes,tell me how?
tahnks & regards,
avinash korde.
21 September 2011
TDS to be deducted on date of payment or credit whichever is earlier.
So in case you make advance payment on account of expenses which attract TDS you need to deduct TDS on such advance payment as per applicable rates.
So in case you make advance payment on account of expenses which attract TDS you need to deduct TDS on such advance payment as per applicable rates.
21 September 2011
Yes TDS must be deducted on Advance as liability of TDS arise in either case being earlier Payment or Credit so it will cover advance also.
It will be deducted in regular manner only and deposited to Goverment.
It will be deducted in regular manner only and deposited to Goverment.
21 September 2011
Yes you can deduct TDS on advance payment. If you are using SAP like accounting ERP just put the required info., else manually you can do so by Debiting the Vendor Account by Full Value of Advance and Crediting the TDS Payable account to the extent TDS deductable and remaining amount crediting as BANK account (the balancing).
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
Dear sir,
thanks for my query but in cash of supply of material.
thanking you
avinash.
thanks for my query but in cash of supply of material.
thanking you
avinash.
21 September 2011
Dear Avinash
Please clarify which material supply is liable to TDS?
Any advance payment to a party (vendor) which is as against the payment subjected to TDS needs a deduction on the basis of payment or credit whichever is earlier.
Please clarify which material supply is liable to TDS?
Any advance payment to a party (vendor) which is as against the payment subjected to TDS needs a deduction on the basis of payment or credit whichever is earlier.
21 September 2011
NO TDS not applicable on supply of materials.
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