TDS on Credit Note
This query is : Resolved
13 January 2020
Hello All,
I've a couple of doubts in understanding TDS application in Credit Note. Hope you can clarify it.
Consider I've a tax invoice
Invoice 1
Base Amount : 100
GST : 18
TDS : 10
-----------------------
Total Payable : 108
1. So if the seller has to issue a credit note the above
A. Will the credit note be of 108 or 118?
B. In case I do not want to transact with the seller/vendor anymore, will he issue me a credit note of 108 / 118? And much cash will I receive from the vendor?
C. How does the seller/vendor deal with TDS?
D. When I apply my credit note for the above invoice in a new invoice (Invoice 2), will I apply 108 against the invoice payable value(excluding the TDS) or will I apply 118?
Its very confusing for me on how the reconciliation will work for TDS.
Please help me out.
Thanks in advance.
I've a couple of doubts in understanding TDS application in Credit Note. Hope you can clarify it.
Consider I've a tax invoice
Invoice 1
Base Amount : 100
GST : 18
TDS : 10
-----------------------
Total Payable : 108
1. So if the seller has to issue a credit note the above
A. Will the credit note be of 108 or 118?
B. In case I do not want to transact with the seller/vendor anymore, will he issue me a credit note of 108 / 118? And much cash will I receive from the vendor?
C. How does the seller/vendor deal with TDS?
D. When I apply my credit note for the above invoice in a new invoice (Invoice 2), will I apply 108 against the invoice payable value(excluding the TDS) or will I apply 118?
Its very confusing for me on how the reconciliation will work for TDS.
Please help me out.
Thanks in advance.
13 January 2020
A. credit note should be issued 118/-
B. Vendor will issue CN for 118/_
B. Vendor will issue CN for 118/_
14 January 2020
please let me know if the TDS is deposited?
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