Tds on sale of property
This query is : Resolved
05 August 2013
As per the recent budget the buyer purchasing the property has to deduct TDS on value of more than Rs 50lacs ,So one of the buyer has deducted TDS and had done the payment also to the department in the different head while doing the payment of TDS he has selected the option others instead of Income tax but the payment has been done.
The 26AS of the seller does not reflect the TDS amount,however its shows the amount credited and date of deposit but the TDS amount is not reflecting,so can the seller claim the credit of TDS ?
If not then what CAN BE DONE TO CLAIM CREDIT ?
PLZZZZZ REPLYYY
The 26AS of the seller does not reflect the TDS amount,however its shows the amount credited and date of deposit but the TDS amount is not reflecting,so can the seller claim the credit of TDS ?
If not then what CAN BE DONE TO CLAIM CREDIT ?
PLZZZZZ REPLYYY
06 August 2013
An application needs to be filed with the assessing officer requesting him to correct the challan.
06 August 2013
Dear Sir,
Thanks
So in the mean time can the seller claim the TDS credit or not?
Thanks
So in the mean time can the seller claim the TDS credit or not?
06 August 2013
The seller should file his return and claim the TDS in the return.
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06 August 2013
Dear Sir,
Thanks For the reply
Regards,
Pravin
Thanks For the reply
Regards,
Pravin
07 August 2013
Dear Siddharth,
If a invoices shows service tax amounted Rs 100 and the total bill comes to 1200,so wahat shouls be the journal entry for that?
One of my client pass the entry as,
Purchase goods A/c .......DR 1300
(Including Service tax)
To Party A/c 1250
To Tds 50
TDS is deducted on payment to the party.
So my query is wheather service tax amount should be shown sepeartely and credit should be taken or it should included in purchase?
Regards,
Pravin
If a invoices shows service tax amounted Rs 100 and the total bill comes to 1200,so wahat shouls be the journal entry for that?
One of my client pass the entry as,
Purchase goods A/c .......DR 1300
(Including Service tax)
To Party A/c 1250
To Tds 50
TDS is deducted on payment to the party.
So my query is wheather service tax amount should be shown sepeartely and credit should be taken or it should included in purchase?
Regards,
Pravin
07 August 2013
If the assessee is eligible to claim service tax credit, credit should be claimed otherwise it should be added to purchase.
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