22 December 2009
Dear Experts, I want to know that our company has received some freight invoice for the year 2007 & 2008 in this current year 2009-10 say in November 2009.
1) wheather tds should be deducted by us on this freight invoices. if yes, so what is the rate. And total amount of these invoice is more than 2 lacs. I think tds should not be deducted because we haven't paid freight amount and bills are also not colleted by the company.
2) I think, company has to enter in its books after receiving or say after November 2009.
at the time of party reconciliation this is come to our knowledge.
22 December 2009
you supposed to deduct tds when giving credit of their freight invoice. if nov09, you may deduct tds by 2.06% or 1.03% vide contractor and sub-contractor respectively.
CAclubindia
