TDS
This query is : Resolved
20 January 2011
hhhhhiiiiiiiiii........ i have a querry related to TDS.
if a company entered a sum of money in
the ledger of "TDS on labour charges" instead of "TDS on professional services" then is their any adverse effect when the company paid tax?
if a company entered a sum of money in
the ledger of "TDS on labour charges" instead of "TDS on professional services" then is their any adverse effect when the company paid tax?
Ratan Sharma
(Expert)
20 January 2011
The nomenclature of account is no material. The actual nature of transaction is important. TDS on labour contract will be at 1% whereas tds on professional services will be 10%. even if you create account TDS on labour charges even then you have to deduct TDS @ 10% as applicable on professional services. It doesnt matter what head TDS is booked.
20 January 2011
k........ waise in the above case TDS ws deductd @ 10% but it ws entered as TDS on labour charges.
21 January 2011
correct said by Ratan and in addition you have to correct your accou8nt also so that they can tally with the challan submitted by you thus no chance for auditor to raise any query
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