Tds applicable or not
This query is : Resolved
09 January 2013
is tds applicable for contractor in this case ?
for eg.
on date 08.01.2013 party raised three difference invoice on same day of three different shipment of rs.
1) 25000
2) 25000
3) 24000
is tds applicable ?
beacause the threshold limit is 30,000 ( single transaction ) 75000/- ( aggregate during the year )
expert pls reply
for eg.
on date 08.01.2013 party raised three difference invoice on same day of three different shipment of rs.
1) 25000
2) 25000
3) 24000
is tds applicable ?
beacause the threshold limit is 30,000 ( single transaction ) 75000/- ( aggregate during the year )
expert pls reply
09 January 2013
TDS not applicable in above case.
When threshold limit will cross 75000 aggregate in year.. then deduct the tds.
When threshold limit will cross 75000 aggregate in year.. then deduct the tds.
Message likes :
1 times
09 January 2013
TDS is not applicable
as you urself told the limits
no bill is more than 30k and total doesnt cross 75k
as you urself told the limits
no bill is more than 30k and total doesnt cross 75k
09 January 2013
thank you hemant sir
but , purposely they can issue three different invoice instead of one to save thier tds amount
but , purposely they can issue three different invoice instead of one to save thier tds amount
09 January 2013
definetly they can do so.
but normally companies doesn't do that. because shipping co is not a small co. they need to get refund as there are many exemptions for them. so they raise bill mostly on shipment basis
but for theory they can do so for saving TDS
but normally companies doesn't do that. because shipping co is not a small co. they need to get refund as there are many exemptions for them. so they raise bill mostly on shipment basis
but for theory they can do so for saving TDS
Message likes :
1 times
09 January 2013
thanks prashant sir
09 January 2013
dear prashant ji ,
one more question regarding this issue suppose in the month of march 2013
supplier issue one more invoice let say of rs. 10,000/-
so now he crossed the threshold limit and i will deduct the tds on whole amount of rs. 84000/- and deposit in the next month but
it will attract interest on the tds amount of 74000/- or not
becuase this amount is related to jan 2013, i asked to auditor he told me that it will attract interest for two month of tds amount for rs. 74000/-
but i think not need to pay interest ?
please suggest
one more question regarding this issue suppose in the month of march 2013
supplier issue one more invoice let say of rs. 10,000/-
so now he crossed the threshold limit and i will deduct the tds on whole amount of rs. 84000/- and deposit in the next month but
it will attract interest on the tds amount of 74000/- or not
becuase this amount is related to jan 2013, i asked to auditor he told me that it will attract interest for two month of tds amount for rs. 74000/-
but i think not need to pay interest ?
please suggest
09 January 2013
dear vaibhav
i am talking about interest not tds ?
i am talking about interest not tds ?
09 January 2013
Hey
No interest would be required to pay. Since TDS payment wasnt due at that point of time.
Thanks!!
No interest would be required to pay. Since TDS payment wasnt due at that point of time.
Thanks!!
09 January 2013
do you have any case law for this
12 January 2013
Dear Uday,
TDS will be applicable in March-2013 then
and because full year amount is more than 75000 now so now TDS will be deducted on full amount i.e. 84000/-
No interest is applicable as previously you were not liable to deduct TDS.
it is cleared by section itself
TDS will be applicable in March-2013 then
and because full year amount is more than 75000 now so now TDS will be deducted on full amount i.e. 84000/-
No interest is applicable as previously you were not liable to deduct TDS.
it is cleared by section itself
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
