Remits the amount of Rs 25,000.00
This query is : Resolved
26 October 2023
Dear Experts,
1 A company remits the amount of Rs 25,000.00 on the date of 07-08-2023 for receiving the service from a service provider.
2 After a week, again the company paid the amount of Rs 20,000.00 on the date of 14-08-2023 to the same person.
3 After completion of the service, the service provider issues the singe invoice which bearing the taxable value of Rs 40,000.00
4 The query
Whether the company has the responsibility to deduct the TDS u/s 194C
Pls Clarify
1 A company remits the amount of Rs 25,000.00 on the date of 07-08-2023 for receiving the service from a service provider.
2 After a week, again the company paid the amount of Rs 20,000.00 on the date of 14-08-2023 to the same person.
3 After completion of the service, the service provider issues the singe invoice which bearing the taxable value of Rs 40,000.00
4 The query
Whether the company has the responsibility to deduct the TDS u/s 194C
Pls Clarify
26 October 2023
No need for TDS in such a case as each payment within 30,000.
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26 October 2023
TDS u/s 194C applicable for the invoice which is exceeds above 30k.
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28 October 2023
Dear Raja Sir,
Yes Sir, But in the books of accounts, the advance payment remitted to the service provider was accounted earlier than the date of invoice raised by him.
Yes Sir, But in the books of accounts, the advance payment remitted to the service provider was accounted earlier than the date of invoice raised by him.
28 October 2023
Yes, At the time of payment the amount not exceeds 30k. But, the receipt of bill is exceeds the limit of 30k. At the time of payment or crediting the party whichever is earlier. So, TDS deductible based on receipt of bill.
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28 October 2023
Thank you for your reponse Sir.
But in this case,the payment event has occurred first.Then only, the invoice accountig has happened?
At the time of remittance, it did not cross the threshole limit of Rs 30 K In the single payment.
Please clarify Sir
But in this case,the payment event has occurred first.Then only, the invoice accountig has happened?
At the time of remittance, it did not cross the threshole limit of Rs 30 K In the single payment.
Please clarify Sir
28 October 2023
Yes, The payment is Less than the said value as per section. So, TDS can't be deduct on payment made at date of payment.
But, Bill value exceeding the limit. So, TDS will be deduct based on bill and it's date...
But
But, Bill value exceeding the limit. So, TDS will be deduct based on bill and it's date...
But
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