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Tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 April 2012 Dear sir,


We have deducted excess tds & wct of contractor of Rs. 135000 in the finanlcial year 2010-11.so my question is that what shoud we and contractor do for adjusting the tds and wct.


and my second question is ,on advance we can deducted tds wheter advance are supply or serivce.


thanks & regards,

avinash.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 April 2012 1. You must have deposited the TDS and filed the TDS return.Just issue Form 16 to the contractor.

He will claim the same in his return and claim refund, if any.

2. TDS is to be deducted at the time of credit or payment WHICHEVER IS EARLIER. So, TDS is to be deducted on advance.
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