TDS and Accounting
This query is : Resolved
GANESH MENDON
(Querist)
31 July 2009
i found case where client had made some alteration in their software and for Fees they paid had service tax as well as VAT in it (on same Amount of Fees)..now as it is professional fees having VAT as well can we deduct TDS ..if yes on what Amount...inclusive of VAT or not??
What will be journal entry for capitalzliation of this fee as software.
What will be journal entry for capitalzliation of this fee as software.
Shyam Lal Naik
(Expert)
02 August 2009
TDS will have to be deducted on the gross amount.
The ratio of department's circular on AMC, squarly applies here.
The ratio of department's circular on AMC, squarly applies here.
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