Yasaswi Gomes new (Finance ) (4514 Points)
19 January 2024Hi
Dr. Purchases
Cr. Supplier
For the above transaction, is there any TDS principle applicable which mentions that TDS must be deposited into bank on 7th of subsequent month after initial recognition of a transaction? Must TDS be deposited for the above entry?
Reg
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 19 January 2024
Purchases are above 50 lakhs and prone to tds. So
Dr. Purchases
Dr. GST
Cr. Tds
Cr. Supplier?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 19 January 2024
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 19 January 2024
Great news! But why is this definition like this
a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.
https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx#:~:text=The%20concept%20of%20TDS%20was,account%20of%20the%20Central%20Government.
NARENDRA
(ACCOUNTS MANAGER)
(1994 Points)
Replied 19 January 2024
You will have to cut tcs rather tds & should deposit it & file return quarterly ........... ...........
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 19 January 2024
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 19 January 2024
| Originally posted by : RAJA P M | ||
 |
@ Yasaswi,If have any doubts or ask any questions then do it direct way...Don't use your own way entries...In Your first question is no meaningful...second question is not matching with first and also it's not relatable or reasonable...In third it's general TDS related files/link...Please ask your doubts directly... |  |
Look I don't know your English proficiency. I asked for a principle and not explanation. If tds depositing varies with different tds sections, then you could have mentioned it. It's that simple. Moreover, if my entries are wrong, you must have passed the right entries. Your free to leave if your not educating here. Last time also I have mentioned, pin point the mistake not the query!
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 19 January 2024
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 19 January 2024
TDS not applicable for purchase.
In case TDS deduction required then some of provisions applicable.
Check out this and give
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 19 January 2024
Dont get hurt cause I don't understand some queries and answers
Tds194 Q - 50,00,000 treshold- 0.10% without pan 5%
I know tds is deducted while we make journal entries. But my question is, is tds deposited on accrual base?
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 28 January 2024
| Originally posted by : Yasaswi Gomes new | ||
|
Great news! But why is this definition like this a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx#:~:text=The%20concept%20of%20TDS%20was,account%20of%20the%20Central%20Government. |
|
@ Raja thank you forthe link it's working. I have learnt 10 tds. Enough for interyright? What tds will come for interviews? Please give me that link as well
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 31 January 2024
https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx#:~:text=The%20concept%20of%20TDS%20was,account%20of%20the%20Central%20Government.
why is this so lengthy without problems? This is waste of time
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 31 January 2024
TDS on Salary Calculator in Excel | Calculation of TDS on Salary (fincalc-blog.in)
this is easy!! Like this all sections have excel templates online.
CAclubindia
