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Tds on book entry

This query is : Resolved 
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(Querist)
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 ?
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CA. Subhash Dangi

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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.
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Vipul

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Vipul (Querist)
30 November 2012 Thanks Mr. Subhash. Can you support your reply by any circular or notification ?
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V K Bajaj

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V K Bajaj (Expert)
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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 December 2012 TDS provisions are applicable and both the parties have to deduct TDS.
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