Tds

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manas kumar swain (Querist)

21 September 2012 I have a contract for Hiring the Firniture
And after that For 30000 per month
I have not paid amount for 8 month than
contractor took his furniture
earlier we made due entry of 8 month for Rs 30000 and also deduct TDS
but if the amount is settled for Rs 200000 total for 8 month,what will be cosiquence

If i have paid TDS
If i have not paid TDS
PLZ siggest me

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

21 September 2012 Revise the TDS return or adjust That Excess TDS in Next Return.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

21 September 2012 Actually in any case you have to deduct TDS on Rs.240000 and has to pay and has to issue form 16A for Rs.240000. For Rs.40000 you get the benefit as discount so you has to issue debit note by debiting the owner of the furniture and crediting to Hire charges account. For the same owner of the furniture has to issue credit note by crediting your account and debiting hire charges account.

OM SAI SRI SAI JAI JAI SAI

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