TDS on provision and actual bill
This query is : Resolved
09 July 2009
have one query and unable to get solution for same
Here, on basis of prov, we deduct TDS for a particular vendor. E.g for A, ( fy 0809) on prov amount we deducted Rs 5000 as TDS amount and issued him certificate of 5000
We receive bill from him in next FY, wherein we realize that tds on actual bill amount will be only rs 4000. So in fy 09-10, we adjust rs 1000 tds, ( diff of tds on prov and actual bill) , during payment in 09-10. Is this correct ?
e.g for FY 09-10, I have to deduct tds actually 10,000, but since I had deducted excess 1000, I will deduct only 9000 . is this correct?
Pl provide solution for same along with accng entries. Also pl mention for what is best practice that needs to be followed
Here, on basis of prov, we deduct TDS for a particular vendor. E.g for A, ( fy 0809) on prov amount we deducted Rs 5000 as TDS amount and issued him certificate of 5000
We receive bill from him in next FY, wherein we realize that tds on actual bill amount will be only rs 4000. So in fy 09-10, we adjust rs 1000 tds, ( diff of tds on prov and actual bill) , during payment in 09-10. Is this correct ?
e.g for FY 09-10, I have to deduct tds actually 10,000, but since I had deducted excess 1000, I will deduct only 9000 . is this correct?
Pl provide solution for same along with accng entries. Also pl mention for what is best practice that needs to be followed
09 July 2009
Since it pertains to two different financial years you will deduct tax of 10,000/- only for the next bill.
09 July 2009
Yes thats true, how i am going to adjust for excess 1000 that has been deducted already ?
09 July 2009
You must have paid to the central govt. treasury, if not pay it.
The deductee would get the benefit of tax paid.
The deductee would get the benefit of tax paid.
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