TDS applicable to all advance payments for goods,
This query is : Resolved
15 April 2024
Dear All,
TDS applicable to all advance payments for goods,
For example,
The vendor from whom we are purchasing the goods,
a) First invoice basis value Rs.10 Lakhs
b) Second invoice basis value Rs.20 Lakhs
c) Third invoice basis value Rs.15 Lakhs
d) Fourth Advance paid for goods Rs.8 Lakhs (Basis Value)
Total value Rs.53 Lakhs
Please advise me whether the TDS will be deducted on the above,
TDS applicable to all advance payments for goods,
For example,
The vendor from whom we are purchasing the goods,
a) First invoice basis value Rs.10 Lakhs
b) Second invoice basis value Rs.20 Lakhs
c) Third invoice basis value Rs.15 Lakhs
d) Fourth Advance paid for goods Rs.8 Lakhs (Basis Value)
Total value Rs.53 Lakhs
Please advise me whether the TDS will be deducted on the above,
15 April 2024
TDS is to be deducted while booking the purchase or payment which ever is earlier. Hence, TDS is need to be deducted at the time of advance payment
15 April 2024
Thanks for your reply sir,
But am talking about the 194Q section kindly advice for the same
But am talking about the 194Q section kindly advice for the same
15 April 2024
deduct TDS on 3 lakhs out of advance of Rs 8 lakhs as the TDS is applicable on amounts over and above 50 lakhs.
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
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
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
