TDS on advance payment
This query is : Resolved
sandesh tare
(Querist)
12 February 2011
we have made advance payment Rs. 1500000/-as part payment to our factory construction contracotor but we have not yet deducted TDS on advance payment. should we deduct TDS on advance payment or after full and final payment & at what rate? we have not made Full & final payment yet.
K V Subba Rao
(Expert)
12 February 2011
In a case where advance payments are made in pursuance of contract to be adjusted against work to be done, tax has to be deducted at the time of the advance payments.
Source: https://www.incometaxquery.com/tds/tdsoncontractors.html
Source: https://www.incometaxquery.com/tds/tdsoncontractors.html
Message likes :
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sandesh tare
(Querist)
12 February 2011
Let me know at what % TDS should deduct and interest penalty rate
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