TDS ON CONTRACT PAYMENTS
This query is : Resolved
K BHEEMA REDDY
(Querist)
02 June 2020
Dear sir,
As per Latest notification TDS Rates are reduced 25% and New Rates are applicable from 14.05.2020. Here my Doubt is..... In Invoice date is mentioned as 12.05.2020 But in our books GRN/SRN Recorded in 16.05.2020 (This composite service i.e material + service) and Invoice copy also Received as on 16.05.2020.
Here my doubt is at what rate TDS will be Deducted....? either TDS will be deducted as per old rate because invoice date mentioned as 12.05.2020 i.e before notification (OR) Tds will be deducted as per new rate because GRN/ SRN is on 16.05.2020 i.e after notification.
Thanks in advance
Regards,
Bheema Reddy.
As per Latest notification TDS Rates are reduced 25% and New Rates are applicable from 14.05.2020. Here my Doubt is..... In Invoice date is mentioned as 12.05.2020 But in our books GRN/SRN Recorded in 16.05.2020 (This composite service i.e material + service) and Invoice copy also Received as on 16.05.2020.
Here my doubt is at what rate TDS will be Deducted....? either TDS will be deducted as per old rate because invoice date mentioned as 12.05.2020 i.e before notification (OR) Tds will be deducted as per new rate because GRN/ SRN is on 16.05.2020 i.e after notification.
Thanks in advance
Regards,
Bheema Reddy.
CA R SEETHARAMAN
(Expert)
02 June 2020
Tds will be deducted as per new rate because GRN/ SRN is on 16.05.2020 i.e after notification and payment will be made after the date of notification.
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