TDS treatment

This query is : Resolved

Mandip Bhattarai (Querist)
Follow

19 February 2008 Sir,
can we adjust TDS which was deducted on advance payment last year i.e. before 31st march 2007 with the Bills raised this year.
do we have to deduct TDS again..

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
Follow

19 February 2008 Dear Mr Mandip, as the TDS has already been deducted on advance payment before 31.03.07, you need not deduct further TDS on the bill amount.
However, if the TDS was short deducted than TDS on (Bill amount minus the advance amount paid) has to be deducted in the year 2007-08

CA Anil Jain

CA Anil Jain (Expert)
Follow

20 February 2008 since TDS is to be deducted, Payment or due whichever is earlier So You need not to deduct the TDS again and you r also need ot to adjust the TDS due to increased rate.But if advance payment is short from Bill Payment then short payment is to be deducted out @ new rate of TDS i.e.F/Y 2007-2008.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
Follow

20 February 2008 you are not required to deduct tds again since it takes place on due or payment basis whichever is earlier ,but if there is any shortfall between the bill amount and the amount on which it was deducted ,assessee is liable to deduct tds on balance amount.

Gaurav Gupta

Gaurav Gupta (Expert)
Follow

20 February 2008 As the TDS is to be deducted on the basis of income paid or credited whichever is earlier ,No Liability to deduct TDS again as the TDS has already been deducted on payment basis last year.

jegannath G

jegannath G (Expert)
Follow

20 February 2008 TDS - need not to be on the advance amount, only on the net amount TDS is to be deducted.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ashok jain

CA Reshma prabhu

Arpita Gilhotra

Nilesh Matekar

Sagar Goyal

Subscribe Now

TDS treatment

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA