Tds deduction
This query is : Resolved
29 January 2015
Respected Members,
We are hiring a consultants for infrastructure development work in respect of which we are giving mobilisation advance payment to start the work as per under mentioned details-
1) Provide advance and adjust it from the running bill submitted by consultant without charging any interest on such advance payment
2) provide advance and charge an interest on it and thereafter adjust it from running bill submitted by consultant.
Now question is-
Whether TDS is required to deduct from this advance payment or not? please help as early as possible...
Thank you....
We are hiring a consultants for infrastructure development work in respect of which we are giving mobilisation advance payment to start the work as per under mentioned details-
1) Provide advance and adjust it from the running bill submitted by consultant without charging any interest on such advance payment
2) provide advance and charge an interest on it and thereafter adjust it from running bill submitted by consultant.
Now question is-
Whether TDS is required to deduct from this advance payment or not? please help as early as possible...
Thank you....
29 January 2015
Yes TDS is to be deducted on advance payments related to any work.
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29 January 2015
Thank you for reply sir.
Is TDS is also deductible in question no-2 as in this advance payment we charge an interest? Please give reply.............
Is TDS is also deductible in question no-2 as in this advance payment we charge an interest? Please give reply.............
30 January 2015
Yes it is deductible as it is adjusted against future bills.
31 January 2015
Thank you for reply sir..............
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