We have paid the 1.75 lac till 31/3/10 as advance payment to Building contractor for building work. His bill was passed now in June the work he have done before march. How much amount can be booked for march without TDS or we have to book his all bill in current F/Y & deduct TDS on full bill.
Rajesh As i Know TDS shoul be deduct on Payment or on booking which is earlier so it seems you are in defaulting by not deducting TDS on 1.75 Lac.
Pls. refer to further views or confirm to your CA
Dear Rajesh,
TDS should have been deducted by March....... as you made payment for it........ TDS would be deducted u/s 194C @ 1% (after 01.10.09) and @ 2% (from 01.04.09 to 30.09.09)...... and also Interest @ 1% would be levied for late payment of TDS.........
Aggarwal Sarawagi and Co
New Delhi
CA
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V.K. Ranjan & Co(Chartered Accountants)
New Delhi
B.Com
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CAclubindia
