Valli (Student -CWA) (157 Points)
27 March 2010Hi!
I have paid as professional fees of Rs.10773/- in this FY.I didn't deduct TDS for the above payment .Again I am going to pay him Rs.30000/- around as professional fees.Pls let me know for that whether shall I deduct TDS of 10% from the total of both the payments or not
Kindly clarify me.
Thaks in advance.
Regards,
Valli
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 27 March 2010
Dear Valli,
u shud deduct the tax @ 10% from the balance Rs. 30000/- only.
regards,
ratan
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14497 Points)
Replied 27 March 2010
Payment made in financial year to single party so deduct TDS on both paymant in current date @ 10%
venu gopal
(in the way)
(34 Points)
Replied 27 March 2010
HII
payment made at time exceeds Rs.20000/- tds made on that amount . not aggregate of whole year. Thats not like sub contractors.
Gajendra R. Tiwari
(Senior Manager-Accounts & CA IPCC Student)
(429 Points)
Replied 27 March 2010
you should calculate TDS @ 10% on both the bills and deduct the calculated amount from the second bill
Please find the calculation as below:
first bill 10773
second bill 30000
Total bill 40773
TDS @ 10% 4077 (Rounded off)
Final Payment = 30000 -4077 = 25923
Satish Makam
(Asst. Manager - Accounts)
(294 Points)
Replied 27 March 2010
please provide clear details, date, payment for the year ctc
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 27 March 2010
Agree with Mr. Ram Avtar Singh and Gajendra Tiwari.
manoj
(student)
(5205 Points)
Replied 27 March 2010
u have to deduct tax now on both payments otherwise how will u issue tds certificate which will be demanded by that professional
Valli
(Student -CWA)
(157 Points)
Replied 28 March 2010
Thank you all for your clarifications
Regards,
Valli
CA Priya
(CS Final)
(1049 Points)
Replied 28 March 2010
Deduct TDS for both while paying the Second bill...........
Vivek Jarial
(Student)
(272 Points)
Replied 28 March 2010
you have to deduct tds on both amount 10773 and 30000
Dattatray
(Account Executive)
(51 Points)
Replied 29 March 2010
Dear....
You have to deduct TDS @ 10% on both payments...
if you forgot to deduct TDS on first payment then you should deduct TDS on second payment including first payment in Financial Year. I mean suppose you have not deducted in 5 payments then you should deduct TDs on 6th payment considering all 5 payments.
Mitesh Joshi
(practice)
(52 Points)
Replied 29 March 2010
We are Wireless internet service provider.One company Provide 24 online Software Service Every month The invoice Issued by cpmpany inclueded Service Tax & Vat.Whether it is libale for Tds deduction. Under which Section & Supported Case Law.
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