Tds

This query is : Resolved 

06 August 2014 Sir,

I have made a payment of in July of Rs. 70300.00,

Bill not yet received please suggest how much the amount of TDS will be calculated on this.

06 August 2014 what kind of payment it is???Rent, Commission or contract payment

06 August 2014 Its in contract head, pleas confirm complete calculation..

06 August 2014 yes tds to be deducted if payment made to individual/hUf then @ 1% else 2%

06 August 2014 Yes I have calculated, 70300*1%=703,

But other one saying it should be 710.00 so ham confused in the same

06 August 2014 Please suggest for the same.

06 August 2014 710

06 August 2014 710

06 August 2014 Mr. Umesh please confirm the calculation if TDS amount is 710

06 August 2014 70300/0.99 * 100 as you are supposed to pay the contract amount after deducting the TDS

06 August 2014 calculate 1% from about contract value

06 August 2014 Explain for what you have made payment.
TDS shall be deducted on time of payment or credit which ever is earlier.

06 August 2014 payment of Rs.70300
payment is required to be made after deducting tds.
so tds amount is 70300*1/99=710

06 August 2014 Please let me know the reason for calculating 1/99..??

06 August 2014 why we can't get only 1% for the same, why its required 1/99
????

06 August 2014 payment is made after deducting tds.
Assuming Payment is made after deducting tds.
Bill amount=71010
TDS=71010*1/100=710
Payment=71010-710=70300

06 August 2014 Got it Ma'am Thank You So much,


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