Tds Applicable on Debit Notes - Urgent
This query is : Resolved
29 September 2009
Dear Experts,
We are doing a residential project in Joint venture in 50-50 Ration. ABC and XYZ companies are doing in JV.
ABC Company has all power and rights developing residential project.
ABC Company is deploying all man powers and equipments for same project and issue a debit note to XYZ each month for Employs or staff are engage with same project debit note is inclusive of service tax.
All the staff is in payroll of ABC Company.
Now my question is should XYZ Company deduct a TDS on Debit notes issued by an ABC company while making a payment.
If yes then why or if not then why. Please guide.
Regards
Ravinder
We are doing a residential project in Joint venture in 50-50 Ration. ABC and XYZ companies are doing in JV.
ABC Company has all power and rights developing residential project.
ABC Company is deploying all man powers and equipments for same project and issue a debit note to XYZ each month for Employs or staff are engage with same project debit note is inclusive of service tax.
All the staff is in payroll of ABC Company.
Now my question is should XYZ Company deduct a TDS on Debit notes issued by an ABC company while making a payment.
If yes then why or if not then why. Please guide.
Regards
Ravinder
29 September 2009
you are issuing debit note or Invoice TDs attract on contractual amount.
29 September 2009
There would not be TDS deduction as the debit note is in the nature of expenses being reimbursed in line with the ratio of sharing in the joint-venture.
The same is not an income defined under the various sections for Tax deductions
The same is not an income defined under the various sections for Tax deductions
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Liable to deduct tds and 44ADA
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
