Dilip (Working) (408 Points)
06 November 2009if we had deducted tds on booking and later on we received credit note, whether we need to refund tds amount on credit note or not.....?
EG: invoice: Rs. 100, tds 10 net payable: Rs. 90
later on recd CN :Rs. 20. so i need to pay whole 20 or 22(incld tds).
pls help me out in this...
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 06 November 2009
If u have received the credit note before that month closing adjust the tds .if not wait for subsequent bills for the next month and adjust it accordingly but see to that this adjustment is done in a quarter as tds return is filed quaterly
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 07 November 2009
TDS is applicable on the credit given at the time of booking the entry or payment , since TDS is advance tax by nature , no question of adjustment after payment , hence Credit note does not have its effect,
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
