TDS
This query is : Resolved
03 November 2009
An assessee is required & eligible to deduct tax.
Say in march begining assessee made an advance payment (say) Rs. 7,00,000/- for a contract which is to be executed in month of april
but because of any reason contractor is unable to perform the contract & assessee had already had deduct tax on payment made.
what is tax & accounting implication as there is no performance of contract, yet TDS is being deducted
Say in march begining assessee made an advance payment (say) Rs. 7,00,000/- for a contract which is to be executed in month of april
but because of any reason contractor is unable to perform the contract & assessee had already had deduct tax on payment made.
what is tax & accounting implication as there is no performance of contract, yet TDS is being deducted
CA. Vinod Pandey
(Expert)
03 November 2009
doesn't matter. it should be treated simply advance to parties/supplier/vendor.
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