If frieght is paid on 28th March 2010 & payer credit the account in the books as account payable,since he didn't get yet the bill,the same is recieved on 4th april,2010 & on the same day he credit the party. Now when he is liable to deduct tds? on 28 th march or 4th april?
1 Replies
Akhil Gupta
(Manager F&A)
(856 Points)
Replied 12 June 2010
TDS is to bededucted at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
Hence TDS to be deducted on 28th March 2010.
For the payment of freight is you the transporter has provides his PAN No. then there will not be any TDS on freight.
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