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Tds

This query is : Resolved 
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(Querist)
05 April 2013 Sir,

Q. A sales goods to B for. Rs. 100000/- on 60 days payment terms
B pays to A after 30 days amount 98000/- and deducts Rs. 2000/- showing as early payment interest in his debit note.

what will be accounting entries in books of A for deduction of Rs. 2000/-, is it to be treated as discount & rebate or interest paid.

Is A liable for deduction of TDS on this amount (as B has given debit note for interest on early payment),

Thanks
naresh.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
26 July 2013 It is nature of cash discount. my view TDS is not apply
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