Deduction of tds
This query is : Resolved
05 September 2012
if we are making payment to our subcontractor of rs 10000 for a particular project and assign another project in next month paid for the same Rs. 71000/- weather to deduct tds on 1st project or not.
Please help me. It is urgent for me.
Please help me. It is urgent for me.
Guest
Guest
(Expert)
05 September 2012
tds is to be deducted if total payment exceeds the cap .i.e. you have to include earlier payment also if you have not deducted tds on that.
05 September 2012
dear Rani,
as the facts of the case, as the total to be paid in 2 installments is going to cross the threshold limit, and as the liability of the TDS on first payment is to be paid by 7th OCt 2012, u r advised to deduct the TDS and Deposit the same in CG treasury. And if the payment to subcontractor is made then pay it frm ur pocket and adjust the same in the next payment.
as the facts of the case, as the total to be paid in 2 installments is going to cross the threshold limit, and as the liability of the TDS on first payment is to be paid by 7th OCt 2012, u r advised to deduct the TDS and Deposit the same in CG treasury. And if the payment to subcontractor is made then pay it frm ur pocket and adjust the same in the next payment.
04 October 2012
Thank You so much Mr. Ajay Agarawal and Mr. Dipesh Shah for your valuable advice.
04 October 2012
Sir
Please tell me i have file the return of service tax, income tax & tds also there is is refund how i will get that refund and how i will received the tds receivable if tds is deducted by our party is there any procedure. please let me know?
Please tell me i have file the return of service tax, income tax & tds also there is is refund how i will get that refund and how i will received the tds receivable if tds is deducted by our party is there any procedure. please let me know?
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