29 June 2013
After 75000 of bills, Mr. A raised a bill for the month of Feb 2014 for Rs. 5000 then TDS will be applicable or not as 1. if Applicable then what will be amount? 2. and how we process to accounting treatment and TDS deposit & return to file.
30 June 2013
Deduct TDS on Rs 80000/- . It is required to show all the TDS liable transactions in the respective TDS return whether TDS is deducted or not with reasons of non deduction. . If not reported earlier think of to revise the returns. . When you crdit the bill of Rs 5000/ deduct TDS applicable on Rs 80000/- and debit the contractor's a/c. Interest is not payable on timely deposition of the TDS amount. . In TDS Return Show Rs 5000 and against it show the amount of TDS Amount deducted on Rs 80000. .