urgent -TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2009 Whether TDS is applicable on retention money which is booked along with payment to Construction contractor
for eg:
A-construction contractor
B ltd-Company receiving the services of A.
Bltd make the payment of Rs. 95000.00

Entry passed in B ltd Books
A a/c dr 100000
To Retention money a/c 5000
To Bank a/c 95000

Whethee TDS to be deducted on Rs. 100000 or only on 95000
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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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18 November 2009 tds on 100000

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2009 retention is neither a expense nor payment, please give me grounds for deduction.

thanks

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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18 November 2009 Retention money is a part of value, neither a expense nor payment.

Gokul

Gokul (Expert)
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18 November 2009 whether retention is neither a expense nor payment but it is part of Construction contractor. at the time of booking bill of the conmtractor u will book the entry by rs. 1 lakh. As per TDS rules TDS levy at the time of cr. or advance payment whichever is early. thats why u r liable to deduct TDS on Rs.100000/- (Contract Value)

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