TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2011 One of our client has submitted their claim bill for giving plant & machinery on hire to one of their client as follows:
Gross claim bill Rs.500000.00
Less: Rebate @1% (if paid within 48 hours) Rs.5000.00
Total amount paid (if paid within 48Hours)
Rs.495000.00
If payment is made within 48hours then please tell me on which amount income tax shall be deducted i.e on Gross amount or on net amount after rebate
Please guide me

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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25 February 2011 Net amount.......

Ram Avtar Singh

Ram Avtar Singh (Expert)
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25 February 2011 TDS will applicable on which amount you are credited to party.

right way credit full amount to party and deduct tds on full amount.

CA Punit

CA Punit (Expert)
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25 February 2011 TDS to be deducted on the amount u are liable to pay..

so TDS on net amount if payment made within 48 hrs.

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