Is TDS liability applicable or not on Advance payment for Property Purchase?
4 Replies
Shruthi
(Article Assistent)
(336 Points)
Replied 18 August 2015
Hi Onkar,
TDS is deductable on accrual or payment which ever is earlier. So in your case TDS is deductable.
Onkar Singh
(Dy.Mgr Finance)
(38 Points)
Replied 18 August 2015
At present we are making some advance payment. Once we deduct & deposit TDS on it, later for some reason deal become cancelled, is the earlier deposited Tax will refund to us or not?
raghavan
(self)
(611 Points)
Replied 18 August 2015
Tax cannot be refunded to deductor. The seller has to claim refund or tds adjusted in his it return. U are paying tds on behalf of seller.
Onkar Singh
(Dy.Mgr Finance)
(38 Points)
Replied 18 August 2015
Dear Mr Raghvan, that means if the deal cancelled, it will loss to us regarding TDS which we deposited earlier.
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