TDS core principle

Hi

Dr. Purchases

Cr. Supplier

For the above transaction, is there any TDS principle applicable which mentions that TDS must be deposited into bank on 7th of subsequent month after initial recognition of a transaction? Must TDS be deposited for the above entry?

Reg

Replies (15)
Quick Summary
This discussion delves into the core principles of Tax Deducted at Source (TDS), focusing on when it applies and the crucial aspect of depositing these funds. Participants debated whether TDS must be deposited by the 7th of the following month based on initial transaction recognition. The conversation also touched upon specific sections like 194Q and the applicability of TDS on purchases exceeding certain thresholds, clarifying that while TDS is deducted at the time of journal entries, the deposit timeline is a separate consideration.

Here tds is not applicable

Purchases are above 50 lakhs and prone to tds. So 

Dr. Purchases

Dr. GST

Cr. Tds

Cr. Supplier?

As per first query with second query...
TDS not applicable...
Here tds is not appliczble

Great news! But why is this definition like this

a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.

https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx#:~:text=The%20concept%20of%20TDS%20was,account%20of%20the%20Central%20Government.

You will have to cut tcs rather tds & should deposit it & file return quarterly ........... ...........

@ Yasaswi,

If have any doubts or ask any questions then do it direct way...

Don't use your own way entries...

In Your first question is no meaningful...

second question is not matching with first and also it's not relatable or reasonable...

In third it's general TDS related files/link...


Please ask your doubts directly...
Originally posted by : RAJA P M
@ Yasaswi,If have any doubts or ask any questions then do it direct way...Don't use your own way entries...In Your first question is no meaningful...second question is not matching with first and also it's not relatable or reasonable...In third it's general TDS related files/link...Please ask your doubts directly...

Look I don't know your English proficiency. I asked for a principle and not explanation. If tds depositing varies with different tds sections, then you could have mentioned it. It's that simple. Moreover, if my entries are wrong, you must have passed the right entries. Your free to leave if your not educating here. Last time also I have mentioned, pin point the mistake not the query!

Ohhh God...

@ Yasaswi,

I know very well about my English. sss it's very poor.
But I don't know also what is yours, British/American/England or any...


Here ask Your question what You want exactly...
If You are understanding this then ask your query...

if it's can't understand by You then reply what you want exactly...

TDS not applicable for purchase. 

In case TDS deduction required then some of provisions applicable.

Check out this and give

Dont get hurt cause I don't understand some queries and answers

Tds194 Q - 50,00,000 treshold- 0.10% without pan 5%

I know tds is deducted while we make journal entries. But my question is, is tds deposited on accrual base? 

 

 

Originally posted by : Yasaswi Gomes new
Great news! But why is this definition like this

a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.

https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx#:~:text=The%20concept%20of%20TDS%20was,account%20of%20the%20Central%20Government.

@ Raja thank you forthe link it's working. I have learnt 10 tds. Enough for interyright? What tds will come for interviews? Please give me that link as well

https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx#:~:text=The%20concept%20of%20TDS%20was,account%20of%20the%20Central%20Government.

 

why is this so lengthy without problems? This is waste of time

TDS on Salary Calculator in Excel | Calculation of TDS on Salary (fincalc-blog.in)

this is easy!! Like this all sections have excel templates online.

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