Paid full amount of bill and depositing tds from own pocket
This query is : Resolved
Ruchin Gupta
(Querist)
19 April 2014
I have a query regarding TDS deduction, let me explain with example:
I got a bill worth 60000/- for professional services. I paid to party Rs. 60000/- and now want to deposit TDS on my behalf, so at this point Rs. 60000/- will be considered to be 100% or 90% (tds will be 6000/- or 6666/-) ?
I got a bill worth 60000/- for professional services. I paid to party Rs. 60000/- and now want to deposit TDS on my behalf, so at this point Rs. 60000/- will be considered to be 100% or 90% (tds will be 6000/- or 6666/-) ?
Nikhil Kaushik
(Expert)
20 April 2014
you need to deposit Rs 6666
Ruchin Gupta
(Querist)
26 April 2014
can u provide me reference to any section or provision in law, so that i can check and prove my point with some stands.
Nikhil Kaushik
(Expert)
27 April 2014
Ruchin,
isn't it obivous that if you are paying the TDS out of your own pocket, the amount paid to the contractor/consultant still has to reflect as net of taxes? This concept is called grossing up and is normally used where the deductor is bearing the burden of tds.
isn't it obivous that if you are paying the TDS out of your own pocket, the amount paid to the contractor/consultant still has to reflect as net of taxes? This concept is called grossing up and is normally used where the deductor is bearing the burden of tds.
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