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Tds amount

Shehbaz (Accountant) (125 Points)

03 April 2014

If a person issued an invoice for his Professional fess of Rs.393260(Rs.350000 cost + 43260 Service tax). Dated 3/4/2014

Please tell me what is the correct amount of TDS?

1. Rs.39326 2. Rs.35000

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14 Replies

Pravin Hambire (B.Com) (27 Points)
Replied 03 April 2014

Rs.39326

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Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
Replied 03 April 2014

TDS to be deducted on Rs. 350000/- ( Refer circular No. 1/2014 )

CA Devanand Jethanandani (CA) (8008 Points)
Replied 03 April 2014

TDS will be Rs.35000/-

Circular attched.

Attached File : 66721 1304081 no tds on service tax component.pdf downloaded: 320 times

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Mohit Ranga (CA Practice ) (39 Points)
Replied 03 April 2014

Tds will be rs 35000

Thomas Lai (Others) (22 Points)
Replied 03 April 2014

TDS will be 35000 as per new notification.

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Ravishankar (Partner) (22 Points)
Replied 03 April 2014

tds will be rs. 35000

Raghavendra (accountant) (27 Points)
Replied 03 April 2014

I opine that, As per the circular no.01/2014, if the service tax on value of service mentioned separately in the contract entered between service provider (resident) and service receiver no need to deduct tds on service tax portion irrespective of provisions under the chapter XVII-B under chapter. If the answer is affirmative then the tds base amount shall be Rs.35000 otherwise Rs.39236.

farzana (SR REC) (21 Points)
Replied 03 April 2014

Hi,

My previous salary was 37000/Month for atleast 6 months now i changed my employer(other company) joined in March my salry is 30,000/Month.

But here am coming across like my current company has to take care of previous companie TDS so they say they will deduct it. here am not geting why current company will take care of my previous company TDS and now they will deduct it from my current salry. my salry is still on hold due to this reasons.

Kindly let me know will really my current employer has to deduct the TDS (due to my previous emloyer dnt deduct TDS). if so how much it will get deducted.

Will look forward to hear from you soon

Thanks

Farzana

CA Ankur Gupta (LLB Hons.) (Tax consultant) (56 Points)
Replied 03 April 2014

Tds should be on 350000 if the service tax amount is seperately shown in the invoice.

CA Ankur Gupta (LLB Hons.) (Tax consultant) (56 Points)
Replied 03 April 2014

Dear farzana.. The contention of ur new employer is correct. As ur total income in previous financial year: 37000*6=222000 30000*1=30000 Totalled is 252000 Which is above the basic exemption.of 200000. Thus he is liable for deducting tax.