Tds deducted on service tax including advance

This query is : Resolved

Dheeraj Joshi (Querist)
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26 August 2014 ADVANCE RECEIVED 1,00,00,000
SERVICE TAX 12,36,000
TDS 11,23,600

IN THAT CASE WHAT CAN WE DO FOR TDS SETTLEMENT, BECAUSE TDS ALREADY DEDUCTED ON INCLUDING SERVICE TAX AMOUNT, BUT AFTER NOTIFICATION PASSED ON 13.01.2014 TDS NOT TO BE DEDUCTED.

PLEASE SUGGEST WHAT CAN WE DO IN THAT CASE

THANKS

CA Kishore Tallam

CA Kishore Tallam (Expert)
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27 August 2014 If possible, you can ask the customer to adjust this in subsequent payment to you.
If you have a good amount of tax liability for the full year, you will be on better side in terms of estimation of net tax outflow and cash flows on account of this.
U can save interest u/s 234B and 234C since TDS amount is deducted from assessed tax directly irrespective of date of deduction of tax. Because of this, you can pay less advance tax.

Dheeraj Joshi

Dheeraj Joshi (Querist)
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27 August 2014 DEAR
IF THERE IS NO SUBSEQUENT BILL THEN WHAT WE CAN DO?
AMOUNT OF SERVICE TAX STILL REMAINING IN BALANCE.

THANKS

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CA Kishore Tallam

CA Kishore Tallam (Expert)
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27 August 2014 If there is no subsequent bill, you need to only pay less advance tax considering this excess deduction.
How service tax is still remaining in balance? You need to pay this amount to govt right?

Dheeraj Joshi

Dheeraj Joshi (Querist)
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27 August 2014 HOW CAN WE MANAGE SERVICE TAX OF Rs.12,36,000

THERE IS NO FURTHER BILL WITH THIS PARTY.

THANKS