Tds.....urgent...!!!
This query is : Resolved
17 January 2012
is TDS deducted on Re tension amount paid to a labour contractor...??
For example : X ltd is paying retension money of Rs 100000 to Y (a labour contractor) and at certain period of time when the bill of Y comes X ltd deducts the retension amount and pays the net amount....
Transaction as follows :
1-4-2011 retension paid 100000
30-5-2011 bill raised by Y amounting to 200000.
31-5-2011 amount paid by X ltd 100000 (200000 - 100000 retension)....
AND X LTD HAS DEDUCTED TDS ON 200000 but ON 31-5-2011....
Is This Coorrect...?
For example : X ltd is paying retension money of Rs 100000 to Y (a labour contractor) and at certain period of time when the bill of Y comes X ltd deducts the retension amount and pays the net amount....
Transaction as follows :
1-4-2011 retension paid 100000
30-5-2011 bill raised by Y amounting to 200000.
31-5-2011 amount paid by X ltd 100000 (200000 - 100000 retension)....
AND X LTD HAS DEDUCTED TDS ON 200000 but ON 31-5-2011....
Is This Coorrect...?
anil kumar
(Expert)
17 January 2012
Dear Saurin,
when you pay retension money u need to deduct the tds and deposit on timely 7/5/11
TDS is also applicable on payment.
& when you pass the entry for Rs. 200000/- u need to deduct the tds on balance amount and deposit timely 07/06/2011.
when you pay retension money u need to deduct the tds and deposit on timely 7/5/11
TDS is also applicable on payment.
& when you pass the entry for Rs. 200000/- u need to deduct the tds on balance amount and deposit timely 07/06/2011.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Capital gains in IT returns
- Gift to nri relatives residing in usa
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Urd purchase entry in tally prime
- TDS- 2026-27 Q1 Correction
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
