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Tds

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(Querist)
04 April 2015 what is the value for deducting TDS if the contractor giving us discount.
before discount or after discount.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
04 April 2015 It depends upon the method of recording transaction. If you are recording the bill amount net of discount then deduct TDS on Net Amount (after discount).
.
If full amount is credited to the contractor and discount is accounted for at the time of payment. In this situation-
1. TDS is to be deducted on full amount if the payment is made in the next month(s).
2. TDS is to be deducted on net amount if the payment is made in the same month.
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