Tds on different payment

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2016 Dear experts,
i have paid rs. 20000, 20000 four time to my contractor 20000*4, 80000/- as follow........
20000 on 15/10/2015 ( No TDS)
20000 on 10/1/2016 ( NO TDS)
20000 on 17/2/2016 ( NO TDS)
20000 on 30/3/2016 ( 1% TDS deducted on full 80000/-) query......plz tell me how these said transaction will be disclose in TDS return...... weather this transaction will be disclose as follow.... amt. paid transa. date TDS
20000 15/10/2015 NO
20000 10/1/2016 NO
20000 1/2/2016 NO
20000 30/3/2016 800
like this or it will be disclose combined as paid amt. 80000/- date 30/3/2016 with 800 1% TDS, pls solve my query,
expecting your valuable reply,

Thanx & Regard
Akhil Garg

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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05 May 2016 The amount on which tds has deducted is the only amount you have to show in tds return with Rs. 800/- tds deduction.

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2016 I have deducted 1% (800) TDS on 20000 paid
Amount as on 30/3/2016 and rest of 60000
Was paid earlier in three installment as i have
mentioned in above post plz tell me will
Paid amount of 80000 will be disclose
Combined as on 30/3/2016 or it will be
Disclose as follow...
Trans. Date paid amt. TDS
15/10/2015 20000 No
10/1/206 20000 No
1/2/2016 20000 No
30/3/2016 20000 800

Like this.
Plz clarify...

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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05 May 2016 As I said earlier, you have to shown Rs. 20000/- as paid amount on which you have deducted tds of Rs. 800. Rs. 60000/- will be by accounting entry but in TDS you should have to show the amount on which tds has deducted it means Rs. 20000/- you have to write in tds return.

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2016 In TDS return will only 20000 be disclose on
30/3/2016 as TDS deducted or all four transaction
Will be disclose as eariler three payment of
20000, 20000, with No TDS

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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05 May 2016 yes only 20000 in tds return if you write 80000 as payment credited and date as 30/03/2016 then you are making wrong amount in wrong date and important is tds deduction amount which will have to be reflected in 26AS it is Rs.800/-. while doing accounting entry party credited will be as 79200/-

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2016 But if we shown only 20000 credited/paid with
800 then it would be wrong information as far
as actual transaction is concern.. because if
we will calculate 1% TDS on 20000 it will be
only 200 not 800

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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06 May 2016 what will be your last entry in your books of account of 30/03/2013. you are deducting Rs.800 from payable value of Rs.20000. you have or will be paid Rs.19200 to party after deducting tds so no need to go with 80000 value and also you have Rs.20000 for Q3 so how can you show that in Q4. My advice is to take 20000 on which you have deducted tds.

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2016 If we disclose Rs. 20000 on 30/3/2016 with
800 1% TDS then the question is this
Impact as incorrect information furnishing
in return because even in form 26AS if
Some one will calculate the 1% TDS on
20000 according to this figure it should
have 200 not 800
However some CA has also advised to
disclose the 80000 on 30/3/2016 and some
has advised that the actual transaction
Should be disclose as have made by revising
Third with No TDS on three transaction
earlier,

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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06 May 2016 why because TDS dept accepts what you are giving information to them.If we look practically while processing of tds return dept. verifying only deduction data with challan. excepts other possibilities. so no issue with that any as per your accounting entry if you entered Rs.19200 payable and Rs.800 as tds then you are dong right.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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06 May 2016 your first priority is to trf 800 tds to party 26AS and if you give there 20000 that means it is deducted on 20000 which gross amount is 79200 (after deducting 800 on 80000) what they party have received.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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06 May 2016 you don't have to worried friend, In tds return both cases may assessed properly. if you write 80000 or 20000 but the tds amount will be same as 800. No problem with tds dept. I can give you guarantee for that. but as per my view you have to write 20000 why because you have deducted tds on that amount.

CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)
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06 May 2016 Dear Anonymous you have to show Rs 80000 as credit amount as if u show Rs 20000 and tds Rs 800 then its a wrong entry as it will reflect that you have deduct tds @ 4% which is not a tds rate in law...file q4 return in which show all the 4 entry...show the actual date u mentioned in query as payment/credit date and show 30-03-2016 as deduction date by this all the entry will be reflected in contractors 26as and u will give true information to department...but u have to pay interest on non deduction of tds @1%pm or part of month from the date u were liable to deduct the tax till u deduct. ..hope i help you...