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TDS on advance

This query is : Resolved 

We have paid Rs 3,00,000 to catering business and taken TDS at 1% on 19-03-2020 for FY 2019-20. 
Now catering fellow as given bill dated 04-04-2020 for FY 2020-21 for Rs 8,00,000/-.



What to do now?

We need to take TDS for Rs. 5,00,000/-


Deduct TDS on 500000/ at the prescribed rate and deposit the same.
( Bill of a CATERER in Covid-19, quite interesting ,,,,,)

Bill dated in FY 20-21. TDS deductible Rs 5.0 lakhs in FY 20-21. In FY 19-20 TDS deductible Rs 3.0 lakhs as advance payment...

@ CA PARAS BAFNA

Yes catering on COVID19. We can not let our hostel people without food.

Balance 5lakh tds to be done as a.d when bill or payment which ever is early.


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