Tds.....urgent...!!!

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saurin (Querist)
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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...?

anil kumar

anil kumar (Expert)
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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.

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