Dear Sir,
I am facing the following problem, pls advice how to come out :-
We got a professional charges bill from our vendor amounting Rs. 5,75,000/-( 500000+ ST15%) in the month of Aug-16 and we credited the bill in our books and taken ST input also.At the time of book entry we have deducted 50000/- as TDS .We have paid 50% to the party after deducting the TDS amount ( Which is 10% of 5,00,000) and deposited the TDS amount also and filed TDS return also. Now the work is not approved by our customer so we have mutually agreed that we will pay only 50% of the bill value ( i.e. what we have already paid ).Now my question is ----- should I required to file the revised return ? or keep it as it .If I keep it as it --- my reversal journal entry showing a difference with the TDS amount, can I pass as written off. What to do .
The supplier is not objected about deduction of TDS on full value as he has no loss.
Pls guide.
Regards
Gupta
CAclubindia
