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.
2 Replies
Ashish Sharma
(Service)
(1028 Points)
Replied 19 June 2010
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
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 19 June 2010
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.........
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