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query on tds on commission
If a bill is dated 23 April but it is entered in tally in the month of June 2016 please clarify whether tds will be deducted at which rate. Whether at 5%or 10%. Nd Why???
Replies (3)
tax is to be deducted at the time of payment or credit to his account whichever is earlier at the rate effective at that time. so if tds liability is after 1.6.16 it should be at 5% only
YES,,,,,,,,, TDS DEDUCTION ON THE DATE OF PAYMENT OR CREDIT TO A/C .,,,,,,,,,,,,,SO THE DATE OF INVOICE IS NOT MATER ,,,,,,,,,,,,, YOU SHOUD DEDUCTION TDS 5% ON DATE 1.6.16 (POSTING DATE OF YOUR ACCOUNTS BOOKS & ITS IS ALSO CREDIT DATE )
Yes, date of invoice is not the matter, but delay in accounting unless for genuine cause is not a good accounting practice
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