urgent -TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 November 2009
Whether TDS is applicable on retention money which is booked along with payment to Construction contractor
for eg:
A-construction contractor
B ltd-Company receiving the services of A.
Bltd make the payment of Rs. 95000.00
Entry passed in B ltd Books
A a/c dr 100000
To Retention money a/c 5000
To Bank a/c 95000
Whethee TDS to be deducted on Rs. 100000 or only on 95000
Reply
for eg:
A-construction contractor
B ltd-Company receiving the services of A.
Bltd make the payment of Rs. 95000.00
Entry passed in B ltd Books
A a/c dr 100000
To Retention money a/c 5000
To Bank a/c 95000
Whethee TDS to be deducted on Rs. 100000 or only on 95000
Reply
18 November 2009
tds on 100000
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 November 2009
retention is neither a expense nor payment, please give me grounds for deduction.
thanks
thanks
18 November 2009
Retention money is a part of value, neither a expense nor payment.
18 November 2009
whether retention is neither a expense nor payment but it is part of Construction contractor. at the time of booking bill of the conmtractor u will book the entry by rs. 1 lakh. As per TDS rules TDS levy at the time of cr. or advance payment whichever is early. thats why u r liable to deduct TDS on Rs.100000/- (Contract Value)
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