TDS late deduction quarry
This query is : Resolved
ASHOK KUMAR MODI
(Querist)
21 February 2011
Dear Sir
I have one quarry regarding TDS matter.
Last year, our Company had paid some advance to a Contractor (below Rs. 20000/-) where we had not deducted TDS at the time of Payment to the contractor. But we had deducted TDS from the contractor before total payment / Credit to his account exceeded Rs. 50000/- .
My question is that whether amount so paid to that contractor will be shown under LIST OF DELAYED DEDUCTION OF INCOME TAX AT SOURCE under point no.27 of part – B of Form 3CD.
Regard
Modi Ashok Kumar
99864 52168
I have one quarry regarding TDS matter.
Last year, our Company had paid some advance to a Contractor (below Rs. 20000/-) where we had not deducted TDS at the time of Payment to the contractor. But we had deducted TDS from the contractor before total payment / Credit to his account exceeded Rs. 50000/- .
My question is that whether amount so paid to that contractor will be shown under LIST OF DELAYED DEDUCTION OF INCOME TAX AT SOURCE under point no.27 of part – B of Form 3CD.
Regard
Modi Ashok Kumar
99864 52168
Sunil Kr. Sanganeria
(Expert)
21 February 2011
AS per strict interpeation of section 194C of The IT Act, one should deduct Tax on Advance Payment if payment is likely to exceed 30000/- in single payment/bill.
Based on the Law you should deduct Tax on advance payment
Based on the Law you should deduct Tax on advance payment
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