We have deducted TDS @ lower rate during advance payment made on the base of certificate submitted by vendor in FY 15-16. Now vendor has submitted invoice against the same in FY 16-17 but they don't have lower deduction certificate for FY 16-17.
My Query is : We need to deduct balance TDS amt. from invoice as they don't the lower deduction certificate for FY16-17 ?
In maximum cases, TDS has to be deducted from income at the time of credit or payment whichever is earlier.
In your case you have already deducted TDS at the time of advance payment. Now you don’t need to deduct TDS at the time of crediting Vendor Account.
In maximum cases, TDS has to be deducted from income at the time of credit or payment whichever is earlier.
In your case you have already deducted TDS at the time of advance payment. Now you don’t need to deduct TDS at the time of crediting Vendor Account.
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