Tds

durga prasad bahety (CA FINAL) (120 Points)

30 November 2012

Please help me on these matter.......

commission bill raised by vendor = 40000. on 10-10-2012

Debit note raised by us = 2000. on 10-10-2012

Advice whether TDS will be deducted on 40000 or 38000.

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6 Replies

ANJALI NEGI (Chartered Accountant) (1263 Points)
Replied 30 November 2012

In my view TDS is to be deducted on 40000...

Durga Prasad (Trainee) (392 Points)
Replied 30 November 2012

Actually we will be booking our expense for Rs. 38000/- and not for 40000/-.

So, TDS is to be deducted on 38000/-

(Guest)

Agree with Durga Prasad

Law is clear i.e. on credit or payment, which is net amount Rs.38000/-

Ravi Kumar Mahaur (CA-FINAL) (202 Points)
Replied 30 November 2012

TDS should be deducted on Rs 38,000 the amount of credit given by you.

ANJALI NEGI (Chartered Accountant) (1263 Points)
Replied 30 November 2012

Dear durga Prasad will u specify the nature of debit note..

Durga Prasad (Trainee) (392 Points)
Replied 30 November 2012

Anjali Negi....

Generally Debit Note is given in trading of goods/materials, where some goods are damaged or broken and,

Sometimes supplier raise invoice of more amount and then realises that, he has charged more and gives debit note to the customer or,

In some cases customer bargains or discounts on the invoice raised by the supplier, where supplier gives a debit note for that amount.

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