Tds deductable

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This query is : Resolved

Sunil Verma (Querist)

04 May 2016 A society receive a bill as on 29.12.15 for contract services but society make payment as on 10.1.16.Then in such case when tds amt to be deducted either on 29.12.15 or on 10.1.16 and in which quarter this bill come for tds return.Kindly guide me in this matter.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

04 May 2016 Tds should be deducted on bill or payment which ever is earlier. So TDS to be deducted 29/12/2015, TDS return to be Filled for 3rd Quarter.

Rupesh Jain

Rupesh Jain (Expert)

04 May 2016 you have to tds deduct when you make credit the a/c or makd payment whihc ever in earlier.
in you case if credit make in dec-15,
then you have to deduct tds in dec.15

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

04 May 2016 If society do practice of first booking (i.e bill date or received date) and after verifying the bills society pays bills to the concern persons that way society has to tds on booked value but if society treatment is not booked any amount before payment then society has to deduct tds while doing payments.

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