TDS on Advances paid to sub- contractors
This query is : Resolved
pradeep kumar chede
(Querist)
29 May 2009
Hi,
Is it necessary to deduct TDS on advances paid to sub-contractors(morethan 2000, i know if TDS not deducted the payment disallowed, but it is any way advance na, how it can be dis allowed.
Is it necessary to deduct TDS on advances paid to sub-contractors(morethan 2000, i know if TDS not deducted the payment disallowed, but it is any way advance na, how it can be dis allowed.
CA PARVEEN GAMBHIR
(Expert)
30 May 2009
Liability to deduct TDS arises on the date of credit or payment (including advance),whichever is earlier, if amount of exceeds 20000/- or total value of contracts exceeds Rs.50000/- in a financial year u/s 194-C.
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