hello,
We pay our supplier on count and not bill wise in that case should we deduct TDS on the complete payment amount as segregating basic values every time will become cumbersome
3 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 27 October 2021
TDS should be deducted at the earlier of payment or invoice booking. So if youare having a credit period, then deduct at the time of bill booking. If it's advance , then at the time of payment
anil jain
(Partner)
(1072 Points)
Replied 27 October 2021
no need to segregate, tds is to be deducted on full payment.
see the language of the provision of the statute..
Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent of such sum exceeding fifty lakh rupees as income-tax.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 03 November 2021
Agree with above comment
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