TDS
This query is : Resolved
06 October 2009
Dear Sir,
I want to know that as well as TDS Contractor of Transporter has abolished w.e.f. 01.10.2009 but I forgotten a bill in my books of the month August - 2009 and now I have entered this bill in the month october - 2009, what will be TDS applicable on this bill.
Please guide me.
sunil_kumar10520@yahoo.com
I want to know that as well as TDS Contractor of Transporter has abolished w.e.f. 01.10.2009 but I forgotten a bill in my books of the month August - 2009 and now I have entered this bill in the month october - 2009, what will be TDS applicable on this bill.
Please guide me.
sunil_kumar10520@yahoo.com
CA. B.SRINIVASULU
(Expert)
06 October 2009
The rate which is valid in the month of august 2009.
The rate which is valid in the month of august 2009.
Shyam Lal Naik
(Expert)
07 October 2009
Beg to differ.
TDS is to be deducted either on payment or crediting of the bill, whichever is earlier. The rate applicable on the date of payment or credit is relevant. The period of rendition of service is not relevant for TDS purpose. This view gains support from the fact that advance payments are also subject to TDS.
To consider a reverse situation, suppose payment is made on 30.09.09 for transportation executed on 05-10-09. Bill is raised in Oct'09. In this case TDS will have to be deducted, not withstanding the fact that service is rendered in Oct'09.
TDS is to be deducted either on payment or crediting of the bill, whichever is earlier. The rate applicable on the date of payment or credit is relevant. The period of rendition of service is not relevant for TDS purpose. This view gains support from the fact that advance payments are also subject to TDS.
To consider a reverse situation, suppose payment is made on 30.09.09 for transportation executed on 05-10-09. Bill is raised in Oct'09. In this case TDS will have to be deducted, not withstanding the fact that service is rendered in Oct'09.
CA SANJAY MUKHERJEE
(Expert)
07 October 2009
Agree with Expert Naik.
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