Tds
This query is : Resolved
08 April 2014
I took a continue consultancy of rs 500000 for two years starting from f.y. 13-14. In f.y. 12-13 I was not in tax audit limit so I dont deduct tds on rs 300000 bill which consultant give to me.
I paid 200000 rs to consultant for his 300000 rs bill and 100000 rs is outstanding.
In f.y.13-14 I will be in tax audit limit so I have to deduct tds on bill which consultant will give me in f.y. 14-15.
but will I have to deduct tds on rs 100000 outstanding amount on payment basis.
PRATIK AGRAWAL
(Expert)
08 April 2014
No you only need to deduct TDS on Rs. 2,00,000.
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