Tds 194c

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neeraj (Querist)
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27 June 2012 Bill no 1 - Amt Rs.20,000
Bill no. 2 -Amt Rs.24,000
Payment made through Cheque Rs 54000
Now advance made in same current year Rs 35000, Is there is a liability to deduct TDS on both 54000 and 35000 ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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27 June 2012 TDS needs to be deducted on payment or credit whichever is earlier.

In your case advance payment is made Rs 35000/- so TDS needs to be deducted on Rs 35000/- after that when you pay balance of Rs 9000/- (I.e., 20000+24000-35000) you have to deduct TDS on Rs. 9000/- only.

So even if your make more payment be it advance under certain head which attracts TDS you have to deduct TDS.

neeraj

neeraj (Querist)
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27 June 2012 Sir before making advance we had already paid 54000 outstanding amt.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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27 June 2012 See TDS need not be deducted twice. If TDS is already deducted for that expense you need not deduct TDS again.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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27 June 2012 TDS IS TO BE DEDUCTED WHEN PAID (in advance)or PARTY A/C IS CREDITED (which ever is earlier)

WHEN YOU PAID ADVANCE YOU HAVE TO DEDUCT TDS.

& AFTER BILL PRESENTED BY PARTY FOR EXCESS AMOUNT THEN TDS IS TO BE DEDUCTED ON BALANCE AMOUNT.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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27 June 2012 TDS WILL BE DEDUCTED WHEN PAID OR AMOUNT CREDITED IN PARTY A/C WHICHEVER IS EARLIER.
TDS WILL BE DEDUCT ON RS 35000.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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27 June 2012 REMAIN AMOUNT RS 54000-35000=19000
TDS ON REMAINING AMOUNT DEDUCTED WHEN PAID OR CREDITED IN PARTY A/C WHICHEVER IS EARLIER.

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