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G. Nageswar Rao (No)     30 July 2013

Tds calculation

when a payment for a bill for professional services received is made in part then how much  TDS we should deduct, whether TDS should be deducted proportionately with respect to ratio of payment or in any other way?  
 


 6 Replies

CA. Kunal Lakhotia

CA. Kunal Lakhotia (ACA)     30 July 2013

complete as Act states that TDS to be deducted when amount is paid or payable, whichever is earlier

CA.Varalakshmi.M

CA.Varalakshmi.M (Manager-Finance)     30 July 2013

I agree With Kunal.

G. Nageswar Rao

G. Nageswar Rao (No)     30 July 2013

Thank you Kunal Sir. If a bill has not been paid at all  then is it necessary to deposit TDS?  

Rohit Gupta

Rohit Gupta (----)     30 July 2013

yes,

it is necessary to deposit TDS after deducting TDS whether payment made or not

CA. Kunal Lakhotia

CA. Kunal Lakhotia (ACA)     30 July 2013

yes you have to deposit TDS by 7th of next month in the month which bill has been posted in books

A.JAGADEEP

A.JAGADEEP (ARTICLE STUDENT)     31 July 2013

As pre Sec-194J, Tds on Professional/ Technical service is deducted, date of payment or date of giving credit to the account. Irrespective of received amount, TDS should be deduct on Total Invoice value. 

so TDS is deducte for total value of invoice amount and deposit it before 7th of next month.


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