payment made to contractor liable for tds deduction u/s 94C
payment done on 21.7.18,4.8.18,10.8.18,18.8.18,7.9.18 & 14.9.18. all these payments done by deducting tds
on 14.9.18 i booked the JV for expense but payment on 14.9.18 was also not done fully.
so should i deduct tds on expense amt-less tds deducted earlier or should i deduct it on the payment amount which has done on 14.9.18?
pls advise
Please clarify this payment done on 14/09.2018 is completely different from the payment mentioned earlier.
the transaction is like this
payments from 21.7.18 to 7.9.18- Rs,1,20,000/- (every time deducted tds on payment amount)
expense booked on 14.9.18-Rs.3,20,065/-
payment made on 14.9.18- Rs,1,50,000/-
tds to be deducted on which amount? ( i have deducted on Rs.1,50,000/-)
here it should be on expense amount Rs.320065/-less tds already deducted on Rs.120000/-i.e.on Rs.200065/-?
TDS should be deducted at the time of payment / credit to party account. In your case it should be deducted on balance Rs. 2,00,065/-
but now the f.y.has been closed i have deducted tds on Rs.1,50,000/- instead of Rs.2,00,065/-
how to rectify this?
tds return has not filed yet for the Q4 of f.y.2018-19
but if tds not deducted as stated above, which amount will be disallowed?
means if i pay the amount now (short deducted tds) & shown it in tds return of Q4 of 2018-19 the expense amount won't get disallowed?
thanks to all the experts for the valuable information.
CAclubindia
