Tds in case of ra bill
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2018
Hi,
RA Bill : 1,00,000/- exc GST.
Less : Mob Advance(TDS Was Already deducted ) : 25,000,
Net R A Bill : 75,000
Less : Ret. Money (5 % of 1,00,000) : 5,000
Payable after Ret Money :70,000/-
Less :Hold : 25 % of RA Bill 75,000/- : 18,750/-
Payable After Hold 25 % : 51,250
Should Deduct TDS on 51,250 or 75,000.
Accounting Entry for complete transaction
RA Bill : 1,00,000/- exc GST.
Less : Mob Advance(TDS Was Already deducted ) : 25,000,
Net R A Bill : 75,000
Less : Ret. Money (5 % of 1,00,000) : 5,000
Payable after Ret Money :70,000/-
Less :Hold : 25 % of RA Bill 75,000/- : 18,750/-
Payable After Hold 25 % : 51,250
Should Deduct TDS on 51,250 or 75,000.
Accounting Entry for complete transaction
27 January 2018
Deduct TDS on 75000 as retention money and hold will be credited to contractor account.
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