venkat
Accountant
[ Scorecard : 204]
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Posted On 23 August 2012 at 15:47
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DEAR FRIENDS,
I HAVE A DOUBT REGARDING TDS.
IF I RECEIVE A BILL AMOUNT OF 112000,IN WHICH RS100000 IS CONTRACT AMOUNT AND 12000 IS SERVICE TAX.
ON WHICH AMOUNT I HAVE TO DEDUCT TDS(1% OR 2%),WHETHER ON BILL 112000 OR ON 100000 WHICH IS CONTRACT AMOUNT. SERVICE TAX IS NOT INCOME OF SERVICE PROVIDER.
PLEASE REPLY AS SOON AS POSSIBLE.
THANKS IN ADVANCE
VENKATESH
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Hemchand
IPCC
[ Scorecard : 732]
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Posted On 23 August 2012 at 16:00
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TDS should be deducted on Rs. 100,000.00 Only as service tax is not a income, however you may deduct on total amount also.
Total thanks : 1 times
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DAYANANDA K N
ACCOUNTS EXCECUTIVE
[ Scorecard : 575]
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Posted On 23 August 2012 at 16:06
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It should be on total bill amount which in your case is Rs.1.2 lacs.
Regards
Dayananda
Total thanks : 1 times
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varun
article assistant
[ Scorecard : 67]
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Posted On 23 August 2012 at 16:07
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TDS should be deducted for the whole amount(112000) @ 1% or 2 % whichever is applicable.
Total thanks : 1 times
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ranjithsingh
articled assistant
[ Scorecard : 146]
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Posted On 23 August 2012 at 16:08
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Total thanks : 1 times
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Anand Raghavendra
Manager-Internal Audit
[ Scorecard : 111]
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Posted On 23 August 2012 at 16:10
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The entire amount is liable for Tax Deduction.Since the value of the service includes the service tax.
Total thanks : 1 times
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OBULIRAJAN R
M.Com, CMA*
[ Scorecard : 1098]
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Posted On 23 August 2012 at 16:30
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TDS should be deducted on total amount. Only incase of rental we should deduct tds without service tax.
Total thanks : 1 times
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Hemant Kumar
Accounts Manager MBA (Fin) CMA*
[ Scorecard : 3728]
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Posted On 23 August 2012 at 17:22
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Originally posted by : varun |
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TDS should be deducted for the whole amount(112000) @ 1% or 2 % whichever is applicable.
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Agree...
Total thanks : 1 times
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CA Daksh Dawar
Chartered accountant
[ Scorecard : 79]
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Posted On 24 August 2012 at 01:38
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In this circular, board has clarified that tax deduction at source (TDS) under sections 194-I of Income Tax Act would be required to be made on the amount of rent paid/payable without including the service tax. [Circular no. 4 dated 28-4-2008]
Therefore in your case, TDS is to be deducted on the whoe of the amount i.e Rs.1,12,000
Total thanks : 1 times
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Ketan Majmudar
Asst Manager F & A
[ Scorecard : 91]
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Posted On 24 August 2012 at 08:23
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TDS should be deducted on the whole bill amount i.e.Rs.112,000/-
Total thanks : 1 times
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