When TDS is Applicable.
This query is : Resolved
CA Anil Jain
(Querist)
26 November 2007
MY Query is-we deduct TDS on the basis of likely payment exceeded with the specified limit.e.g.U/S 194 J TDS is deducted if gross amount in aggregate exceeds or likely to be exceeded by 20000/-.If we don't deduct TDS in first & Qtr.bcoz we pay quarterly rs.4000 so TDS is not attractable. But in third qtr.we make payment of amt.15000 rs.then we need to deduct TDS.whether we need to deduct the TDS on the earlier payment also?If yes whether we need to revise the return??
what will happen if payment is increased retrospectily i.e.15000 for former 2 Qtr.also??
what will happen if payment is increased retrospectily i.e.15000 for former 2 Qtr.also??
26 November 2007
TDS IS TO BE DEDUCTED , WHEN THE CREDIT IS GIVEN TO PARTY OR PAYMENT MADE WHICHEVER IS EARLIER.
SO IN YOUR CASE WHICHEVER HAPPENS EARLY, ACCORDINGLY YOU NEED TO DEDUCT.
SINCE FIRST AND SECOND QRTR. YOU HAVE NOT DEDUCTED ,THE MOMENT YOU CREDIT OR PAY RS. 15000/- TOTAL TDS YOU NEED TO CEREDIT AND THEN PAY AS PER DUE DATE ON THE TOTAL (INCL. FIRST AND SECOND).
IF PSAYMENT IS INCREASED RETROSPECTIVELY, NO NEED TO REVISE THE TDS RETURN.
BUT YOU NEED TO STATE THE FACT OF RETROSPECTIVE RISE IN THE QRTR. RETURN WHERE YOU STATE THE INCREASED FIGURE FOR THE FIRST TIME.
R.V.RAO
SO IN YOUR CASE WHICHEVER HAPPENS EARLY, ACCORDINGLY YOU NEED TO DEDUCT.
SINCE FIRST AND SECOND QRTR. YOU HAVE NOT DEDUCTED ,THE MOMENT YOU CREDIT OR PAY RS. 15000/- TOTAL TDS YOU NEED TO CEREDIT AND THEN PAY AS PER DUE DATE ON THE TOTAL (INCL. FIRST AND SECOND).
IF PSAYMENT IS INCREASED RETROSPECTIVELY, NO NEED TO REVISE THE TDS RETURN.
BUT YOU NEED TO STATE THE FACT OF RETROSPECTIVE RISE IN THE QRTR. RETURN WHERE YOU STATE THE INCREASED FIGURE FOR THE FIRST TIME.
R.V.RAO
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CA Anil Jain
(Querist)
26 November 2007
Thanks A lot 4 ur valueable reply.
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