Rudrayani Shedjale (Assistant Accountant) (751 Points)
15 April 2019payment made to contractor liable for tds deduction u/s 94C
payment done on 21.7.18,4.8.18,10.8.18,18.8.18,7.9.18 & 14.9.18. all these payments done by deducting tds
on 14.9.18 i booked the JV for expense but payment on 14.9.18 was also not done fully.
so should i deduct tds on expense amt-less tds deducted earlier or should i deduct it on the payment amount which has done on 14.9.18?
pls advise
CA. Kasi Reddy Nallappa Reddy
(Chartered Accountant)
(153 Points)
Replied 15 April 2019
Please clarify this payment done on 14/09.2018 is completely different from the payment mentioned earlier.
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 15 April 2019
the transaction is like this
payments from 21.7.18 to 7.9.18- Rs,1,20,000/- (every time deducted tds on payment amount)
expense booked on 14.9.18-Rs.3,20,065/-
payment made on 14.9.18- Rs,1,50,000/-
tds to be deducted on which amount? ( i have deducted on Rs.1,50,000/-)
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 15 April 2019
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 15 April 2019
here it should be on expense amount Rs.320065/-less tds already deducted on Rs.120000/-i.e.on Rs.200065/-?
SAIKUMAR CHIRRAM
(41 Points)
Replied 15 April 2019
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 15 April 2019
Chhalani and Associates
(CA - www.cachhalani.com)
(142 Points)
Replied 15 April 2019
TDS should be deducted at the time of payment / credit to party account. In your case it should be deducted on balance Rs. 2,00,065/-
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 15 April 2019
but now the f.y.has been closed i have deducted tds on Rs.1,50,000/- instead of Rs.2,00,065/-
how to rectify this?
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 15 April 2019
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 15 April 2019
tds return has not filed yet for the Q4 of f.y.2018-19
but if tds not deducted as stated above, which amount will be disallowed?
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 15 April 2019
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 15 April 2019
means if i pay the amount now (short deducted tds) & shown it in tds return of Q4 of 2018-19 the expense amount won't get disallowed?
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 15 April 2019
thanks to all the experts for the valuable information.
CAclubindia
