TDS U/S 194 C .
under which head the amount will be shown.
actually my client made sales to bsnl . they have deducted tax @ . 1%. on the amount of purchase since the value is more than rs.30000
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Defuction u/s 194c
Replies (3)
Quick Summary
Show the deduction as TDS deducted in BSNL account in books of account
194C is contractor receipts. You will show the transaction under Contractual Receipts
This will be considered as Direct income/Revenue from Operation/Sales in the books of accounts of the seller.
Receivables from BSNL will reduce by the amount of TDS deduction.
TDS will be reported under the head current assets.
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