Tds deduction


Rudrayani Shedjale (Assistant Accountant)     15 April 2019

Rudrayani Shedjale
Assistant Accountant 
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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

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CA. Kasi Reddy Nallappa Reddy (Chartered Accountant)     15 April 2019

CA. Kasi Reddy Nallappa Reddy
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Please clarify this payment done on 14/09.2018 is completely different from the payment mentioned earlier.

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Rudrayani Shedjale (Assistant Accountant)     15 April 2019

Rudrayani Shedjale
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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/-)

 

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Giridhar S Karandikar (Team Lead)     15 April 2019

Giridhar S Karandikar
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TDS always needs to be done on expenses incurred. so to be done on 3,20,065

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Rudrayani Shedjale (Assistant Accountant)     15 April 2019

Rudrayani Shedjale
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here it should be on expense amount Rs.320065/-less tds already deducted on Rs.120000/-i.e.on Rs.200065/-?

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SAIKUMAR CHIRRAM   15 April 2019

SAIKUMAR CHIRRAM

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TDS should always be deducted on expense incurred irrespective of payment made in respect of such expense

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Giridhar S Karandikar (Team Lead)     15 April 2019

Giridhar S Karandikar
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however in case of advance given, TDS shud be done on actual advance paid since TDS needs to be done at time of payment or credit whichever is earlier.
TDS should be adjusted at the time of raising the final bill and deducted accordingly

Chhalani and Associates (CA - www.cachhalani.com)     15 April 2019

Chhalani and Associates
CA - www.cachhalani.com 
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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/-

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Rudrayani Shedjale (Assistant Accountant)     15 April 2019

Rudrayani Shedjale
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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?

 

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Giridhar S Karandikar (Team Lead)     15 April 2019

Giridhar S Karandikar
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you need to file revised return by paying the shot TDS to the govt and reporting the same in the TDS return


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