Advance Payment - How to show in TDS return
This query is : Resolved
01 July 2008
We have made an advance pymt to contractor.
Now, how to show this in TDS return since there is no Invoice therein.
Now, how to show this in TDS return since there is no Invoice therein.
CA Abhishek Tyagi
(Expert)
03 July 2008
Hi Abhishek,
All you have to do is to show this payment on the date in which the advance given & the tds deducted on the same. I think there should not be any complicacy in showing in the return. TDS must have been deducted on the advance if that amount cross the limit prescribed by the act which is Rs.20000/- per contract.If the tds was deduted on the subsequent date then simply show net amount excluding that advance & the whole tds amount in your tds return.
Hope this will resolve your query.
All you have to do is to show this payment on the date in which the advance given & the tds deducted on the same. I think there should not be any complicacy in showing in the return. TDS must have been deducted on the advance if that amount cross the limit prescribed by the act which is Rs.20000/- per contract.If the tds was deduted on the subsequent date then simply show net amount excluding that advance & the whole tds amount in your tds return.
Hope this will resolve your query.
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