Shumeetra Bhattacharya (CA Final) (130 Points)
07 June 2011Suppose a contractor has raised a bill for Rs. 260000/- including Service Tax. Out of the total bill amount an amount of Rs. 1,30,000/- had been paid in advance. So, while making the payment of the balance Rs.1,30,000/- in full and final settlement should TDS be deducted on the the whole amount of Rs. 2,60,000/- or on Rs. 1,30,000/-????
Please help...urgent....
Regards
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 07 June 2011
On Total amount of Rs 260,000 (gross amt)
Shumeetra Bhattacharya
(CA Final)
(130 Points)
Replied 07 June 2011
that means while making the payment of the balance 130000 we have to deduct TDS of a total of Rs.5200/- and make the payment for Rs. 124800/-.
is that right??
swapna
(student)
(77 Points)
Replied 07 June 2011
Where advance payments are made during the execution of a contract and such payments are to be adjusted at the time of final settlement of accounts, tax will have to be deducted at the time of making advance payment if the total payment exceeds Rs. 30,000/-.
So, in ur dougt advance payment exceeds Rs. 30,000/- tds deducted at the time of payment.
kamal p keswani
(Practise)
(179 Points)
Replied 07 June 2011
yes the TDS of RS 5200 has to be deducted now and balance payment has to be made
valji
(Accounts manager-MBA)
(2150 Points)
Replied 07 June 2011
TDS DEDUCTED ON RS 260000 ,1% if contractor is individual otherwise 2%
while making the advance payment if bill is not come then tds deducted on the advance payment above rs 30000 so first deduct tds on RS 130000 then on balance bill amt
Ramya Kinthali
(Financial Consultant)
(108 Points)
Replied 07 June 2011
| Originally posted by : valji | ||
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TDS DEDUCTED ON RS 260000 ,1% if contractor is individual otherwise 2% while making the advance payment if bill is not come then tds deducted on the advance payment above rs 30000 so first deduct tds on RS 130000 then on balance bill amt |
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agree with it..
RAHUL SUBNANI
(AUDIT ASSISSTANT)
(28 Points)
Replied 07 June 2011
can a nominal member of a co-operative financial institute is free from deduction of TDS on intrest recived on Fixed deposit by such socity or institution by mearly being a nominal member of such socity or institution?
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 07 June 2011
Akhilesh Shrivastava
(Manager (F&A))
(35 Points)
Replied 07 June 2011
at the time making of advance payment tds shall be deducted on the amount paid as advance and at the time of full and final payment TDS shall be deducted on balance amount.......since tds to be deducted on at time of credit of bill or making of amount whichever is earlier.......
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 07 June 2011
CAclubindia
