Tds
This query is : Resolved
11 May 2015
Dear all,
we have two companies and we paid commission of one company in another one by deducting TDS . Now we want to recover the amount. But how can TDS to be treated in either of the companies?
11 May 2015
pls narrate your question in more detailed ....
CA PARAS BAFNA
(Expert)
11 May 2015
1. Payment to the party has been made by C1 on behalf of C2.
.
2.
Situation-1
TDS has been deducted and deposited by C1.
As per Mumbai Tribunal judgement in ITO v.
Vishinda Diamonds (2014)146 ITD 745-C2 is not required to deduct TDS on the amount being reimbursed to C1. Credit Full amount to C1.
.
3. Situation-2
TDS has been deducted but yet not deposited by either of C1 & C2.
.
C2 can discharge the TDS liability itself and shall credit C1 by actual payment amount. C1, has to delete or reverse the entry of TDS in its books.
.
.
2.
Situation-1
TDS has been deducted and deposited by C1.
As per Mumbai Tribunal judgement in ITO v.
Vishinda Diamonds (2014)146 ITD 745-C2 is not required to deduct TDS on the amount being reimbursed to C1. Credit Full amount to C1.
.
3. Situation-2
TDS has been deducted but yet not deposited by either of C1 & C2.
.
C2 can discharge the TDS liability itself and shall credit C1 by actual payment amount. C1, has to delete or reverse the entry of TDS in its books.
.
12 May 2015
Dear Paras, for your information we have deposited TDS in C1.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
