Advance payment to sundry creditors
This query is : Resolved
jayesh khokhariya
(Querist)
31 August 2016
if any advance amount paid to sundry creditors at the end of financial year is liable for tax deduction at source if paymnet made to him is for such type of expense which is covered under tds provision ?????????
Payment made to labour contractor in advnace
Under which head it is to be shown in liability
Payment made to labour contractor in advnace
Under which head it is to be shown in liability
CA R SEETHARAMAN
(Expert)
31 August 2016
Yes it is liable for tax deduction and show it under TDS head and remit it on due date.
jayesh khokhariya
(Querist)
31 August 2016
what is the remedy for the above matter if i have not deducted any tds till the end of the financial year and in the next year tds paid with interest ??????????????????
CA R SEETHARAMAN
(Expert)
01 September 2016
Yes it can be paid with interest in next year no problem.
30 November 2016
If you have not deductes tda U/ 194 C from payment to your contractor, you will be liable to paid it along with interest .
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