TDS Applicability on Interest on Moblisation Advance
This query is : Resolved
20 May 2008
Dear Sir,
We are Civil Contractors we are getting moblisation advance from Contractee( Govt / Private) They are deducting interest on moblisation advance from our running account bills
we have to Deduct TDS or Not. since we are not paying any interest directly to them they are directly deducting from our running account bills bills
We are Civil Contractors we are getting moblisation advance from Contractee( Govt / Private) They are deducting interest on moblisation advance from our running account bills
we have to Deduct TDS or Not. since we are not paying any interest directly to them they are directly deducting from our running account bills bills
20 May 2008
you have to deduct tax u/s 194A at the time of payment or credit, whichever is earlier, so clearly your liablity arise to deduct tax.
on govt. deparments you don't need to deduct tax, it is not reqd.
on pvt. contracts, discuss with contractee and charge TDS amopunt in ur bills. better raise seperate bill for tds.
meanwhile deposit tds corresponding to date of credit in ur books.
on govt. deparments you don't need to deduct tax, it is not reqd.
on pvt. contracts, discuss with contractee and charge TDS amopunt in ur bills. better raise seperate bill for tds.
meanwhile deposit tds corresponding to date of credit in ur books.
21 May 2008
Mobilisation of advance is also subject to deduction of tax at source.
The contractee is the person who will ddeduct. Your statement "we (contractors)have to deduct TDS or not"is therefore not understood. Secondly where is the room for interest is not clearly stated.
The contractee is the person who will ddeduct. Your statement "we (contractors)have to deduct TDS or not"is therefore not understood. Secondly where is the room for interest is not clearly stated.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- Putting a heading on received mail
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
