TDS deduction
This query is : Resolved
02 June 2010
Our creditor company given discount of Rs. 2.5 lakhs. & total bill is Rs.10 laks.
Plz tell we can deduct TDS on total bill amount i.e. Rs. 10 lakhs or Rs. 7.5 lakhs.
Plz tell we can deduct TDS on total bill amount i.e. Rs. 10 lakhs or Rs. 7.5 lakhs.
02 June 2010
Our creditor company given discount of Rs. 2.5 lakhs. & total bill is Rs.10 laks.
Plz tell we can deduct TDS on total bill amount i.e. Rs. 10 lakhs or Rs. 7.5 lakhs.
Plz tell we can deduct TDS on total bill amount i.e. Rs. 10 lakhs or Rs. 7.5 lakhs.
CMA.Palani Arumugam
(Expert)
02 June 2010
In my opinion, You can deduct tds on Rs.7.5 Lakhs.
Message likes :
1 times
02 June 2010
AGREE.
02 June 2010
The TDS is to be deducted on credit or payment whichever is earlier. Since the credit entry will be made for full amount of 10 lakhs, TDS is to be deducted on 10 lakhs.
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