Dear all,
Does Tax deductible from the advance payment made to supplier?
Tax deductible from the advance payment made to supplier ?
Darshak (Student) (68 Points)
27 January 2011
4 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 27 January 2011
YES TDS have to be deducted on advance payment.
Srinivas
(Finance & Accounts)
(107 Points)
Replied 27 January 2011
Pls consider the "Date of Payment" or "Date of Invoice/Credit/Accounting" whichever is earlier.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 27 January 2011
| Originally posted by : Darshak | ||
 |
Dear all, Does Tax deductible from the advance payment made to supplier? |
 |
supplier means advance payment against goods .............or purchase,
NO TDS APPLICABLE for purchase of goods
ashoka r d
(senior audit assistant)
(82 Points)
Replied 28 January 2011
Friend, you have not mentioned clearly whether that advance payment relates towards purchase of goods or for the transactions which comes under Sections;194c,194j, 194i etc. If the payments relate to those sections then the TDS will be attracted and in the majority of the sections it's say that the dection shall be made either at the time payment or credit to the payee whichever earlier.
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