hello....
My query is ------
A co. credits its customer's a/c on account of freight paid by its customer.
Whether TDS should be deducted on the amt credited on account of freight.
( Amt. exceeds 50000 during the year )
CMA.Baskar.V
(Cost Accountant)
(400 Points)
Replied 25 May 2010
No.
This transactions is Debit note on customer, but at time of payment/accounting ransport service invoice, we need to deduct TDS. Accounting Entry like as follows
1.Accounting transport bill
Transport Expenses Account Debit XXX
TDS on Transporter Charges XXX (if applicable according to IT act)
Transpoter Account Credit XXXX
2. Debit Note
Cusotmer Account Debit XXXX
Transport Expenses Account credit XXXX
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
