31 January 2022
I have 4 scenarios causing confusion on what amount I should deduct TDS on. I will list the scenarios below. Please kindly clarify....
1.The purchases for a client is above 60 lakhs from april to june 2021. On july, purchases worth 20 lakhs were made.
2. The purchases started from august. It was Rs. 39 lakhs. On november the purchases worth 59 lakhs were made.
3. The purchases upto june was 24 lakhs. On july, purchases worth 1 crore were made.
4. On august, purchases worth 54 lakhs were made & Tds was deducted. The september purchases were only 10 lakhs. Should Tds be deducted on the 10 lakhs?
01 February 2022
Thank you so much sir.... One more doubt.... So, in case the aggregate has crossed over 50 lakhs upto june, then it is to be neglected & tds should be charged on the amounts occuring on and after july. In case if the aggregate has not crossed 50 lakhs upto june, then it should be added along with the amounts occuring after july to calculate the aggregate to be deducted for tds. Am I right sir?
01 February 2022
Thank u sir..... In case, purchases from a particular party is over 50 lakhs in the year 21-22, Should we straightaway charge tds on the purchases starting from april 2022 or should we start over and begin charging tds on that party once it crosses 50 lakhs for the year 22-23?
CAclubindia
