Tds on book entry
This query is : Resolved
30 November 2012
There is a vendor to whom I have to pay Prize money of Rs. 1 Lac. The same vendor has also to pay me Rs. 1 lac as prize money.
There will be no transfer of money. Only entry will be passed in the books.
Can you please advise whether TDS is applicable ?
There will be no transfer of money. Only entry will be passed in the books.
Can you please advise whether TDS is applicable ?
CA. Subhash Dangi
(Expert)
30 November 2012
TDS provisions are applicable on credit to the party account or actual payment whichever is earlier. It is immaterial whether you are making payment or not.
Once you book the entry or account the transaction, TDS is applicalbe.
Once you book the entry or account the transaction, TDS is applicalbe.
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30 November 2012
Thanks Mr. Subhash. Can you support your reply by any circular or notification ?
30 November 2012
Mr Vipul
Mr Dangi has rendered perfect service. As per Income Tax TDS will be applicable in both the cases.
It is not subject matter of any notification or circular.
Mr Dangi has rendered perfect service. As per Income Tax TDS will be applicable in both the cases.
It is not subject matter of any notification or circular.
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03 December 2012
TDS provisions are applicable and both the parties have to deduct TDS.
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