Tds on advance payment to contractors
This query is : Resolved
11 March 2016
My organisation(trust) makes advance payment to contractors of more then rs 50 lac but till no invoice is provided by contractor. If we should deduct tds on advance paymnt.
11 March 2016
yes. TDS should be deducted on the payment irrespective of invoice received or not.
11 March 2016
Dear
You should deduct TDs on advance amount.
As the section says deduct TDs on payment or credit in books which ever is earlier. And in your case payment is earlier.
You should deduct TDs on advance amount.
As the section says deduct TDs on payment or credit in books which ever is earlier. And in your case payment is earlier.
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