Tds deduction on different bill

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2016 Dear Experts,
I have receipt three different bill of service 25000, 25000, 28000 total 78000
On third bill the threshold limit is being crossed the third bill which i have booked on 30/3/2016 however the payment of first's two bills has already been made to vendor, please tell me which amount and which date will be disclose in TDS statement,

CA Shyam Agarwal

CA Shyam Agarwal (Expert)
Follow

02 April 2016 first of all clear that above payment are liable to deduct TDS. if above are liable to deduct TDS then on last payment you deduct TDS on whole amount which are already paid i.e. Rs. 28000/- you deduct tds of Rs. 1% of 2% on rs. 78000/-

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2016 Sir i have made the TDS liability
On third bill on 30/3/2016 but
the third bill amount is 28000 and i have
made TDS liability of 1% on 78000 my
query is what amount credited and which date
Is to be disclose in TDS statement if credited
amount 78000 and Date 30/3/2016 then on this date i have booked
only one bill of Rs. 28000... plz clarify my doubt..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

02 April 2016 Report the earlier payments with respective dates setting y flag.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2016 Sir in TDS return only 78000 credited amount will be disclose or three different amount credit...plz clarify...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

02 April 2016 Disclose three different amount setting Y flag for 2 earlier amounts.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2016 Sir what do you means by setting y flag

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

02 April 2016 Setting Y flag for non deduction of TDS as threshold not reached.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2016 Sir.. in TDS return Do i need to disclose only
78000 as credited or three different amount if three how all three amount can be disclose in TDS return...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok