TDS in case of freight amount
This query is : Resolved
Sunil Saini
(Querist)
29 July 2008
Suppose the total freight amount is Rs 105000/- and we have to deduct Rs 20000/- for damages of goods. Now my question is on which amount TDS to be deducted either on Rs 105000/- or Rs (105000-20000)=85000/-
S.Srinivasaraghavan
(Expert)
29 July 2008
Rs 105000.
CA. Dhirendra Singh
(Expert)
29 July 2008
TDS will be deducted on amount paid or amount credited in his account which ever is earlier .
My friends here amount paid or credited his account is Rs. 85000
So TDS will be deducted on Rs. 85000.
Entry is :
Freight A/c Dr. 105000
Party A/c Dr. 1926
( 2.266 % of 85000 )
To Party A/c 85000
To Shortage 20000
To TDS payable 1926
My friends here amount paid or credited his account is Rs. 85000
So TDS will be deducted on Rs. 85000.
Entry is :
Freight A/c Dr. 105000
Party A/c Dr. 1926
( 2.266 % of 85000 )
To Party A/c 85000
To Shortage 20000
To TDS payable 1926
CA Hemant T Dewani
(Expert)
29 July 2008
tds is to be deducted on those amount which are debited to p&l a/c so tds is to be deducted on rs.85000/-
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