Vinay somani (CA, CS)
(Assistant Manager-Accounts)
(549 Points)
Replied 18 May 2016
TDS Should be deducted on Agreement Value @ 1% in Agreement value of Immovable Property is above 50 Lakhs.
Entry for the same is following
Fixed Assets A/c Dr.
To TDS Payable Account Cr.
To Party/ Vendor Cr.
Then
Party A/c Dr.
To Bank Cr.
riddhi
(student)
(746 Points)
Replied 18 May 2016
Vinay somani (CA, CS)
(Assistant Manager-Accounts)
(549 Points)
Replied 18 May 2016
No.
Tds Should be deducted on booking in accounts or payment which ever is earlier.
Tds is not inclusive. it is charge on agreement value separately.
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