Tds in case of ra bill
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2018
Hi,
RA Bill : 1,00,000/- exc GST.
Less : Mob Advance(TDS Was Already deducted ) : 25,000,
Net R A Bill : 75,000
Less : Ret. Money (5 % of 1,00,000) : 5,000
Payable after Ret Money :70,000/-
Less :Hold : 25 % of RA Bill 75,000/- : 18,750/-
Payable After Hold 25 % : 51,250
Should Deduct TDS on 51,250 or 75,000.
Accounting Entry for complete transaction
RA Bill : 1,00,000/- exc GST.
Less : Mob Advance(TDS Was Already deducted ) : 25,000,
Net R A Bill : 75,000
Less : Ret. Money (5 % of 1,00,000) : 5,000
Payable after Ret Money :70,000/-
Less :Hold : 25 % of RA Bill 75,000/- : 18,750/-
Payable After Hold 25 % : 51,250
Should Deduct TDS on 51,250 or 75,000.
Accounting Entry for complete transaction
CA R SEETHARAMAN
(Expert)
27 January 2018
Deduct TDS on 75000 as retention money and hold will be credited to contractor account.
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