TDS accounting & check on Advance Payment
This query is : Resolved
06 July 2010
Dear Sir,
We are running on SAP.
I have got a following query.
We have made a payment of Rs. 50,000/- as advance of a Contract of Rs. 1,00,000/-.
We deducted TDS at 2% of Rs. 50,000/- at the
payment date.
Now the full & final payment of balance is done after 4 months.
Now how can we put a check at the time of full & final payment that the perfect TDS compliances are done or not?
because during these four months, there may have been several other entries passed in the creditor account. so guide us the internal control & accounting system
We are running on SAP.
I have got a following query.
We have made a payment of Rs. 50,000/- as advance of a Contract of Rs. 1,00,000/-.
We deducted TDS at 2% of Rs. 50,000/- at the
payment date.
Now the full & final payment of balance is done after 4 months.
Now how can we put a check at the time of full & final payment that the perfect TDS compliances are done or not?
because during these four months, there may have been several other entries passed in the creditor account. so guide us the internal control & accounting system
07 July 2010
The system often facilitates application of TDS rates in the vendor master.This automatically will take care of TDS recovery at the time of payment.
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