I want to know whether TDS deduction should be made on payment made or party's bill received amount..
Menu
TDS Deduction
Replies (2)
Tax should be deducted at source at the time of payment or crediting the party in your books whichever earlier.
Hi Vijay
Tax is to be deducted on amount paid or amount booked as expense which ever is higher.
If payment is made in advance, tax will have to be deducted at the time of making advance payment.
And if bill is booked, tax is to be deducted on the amount of bill at the time of booking.
Tax is deducted at either of two events given above which ever occurs earlier.
Recent Topics :
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
Related Topics :
CAclubindia
