LIVE GST Audit Course by CA Sachin Jain. Register Now!!

TDS on?

Seema (Jr. Accountant) (91 Points)

19 April 2012

Hi,

Suppose, Professional Charges Total Bill Of Rs1,00,000/-

Rs.25,000/- given as advance without TDS deduct because amount less than Rs.30,000/- as on 8th February to the party before Invoice received .

As on 15th March Invoice received & remaining amount paid of Rs.75,000/- Less 10% TDS Rs.7500/- = Net Amount Payable Rs.67,500/-

IT IS CORRECT ?? YA TDS is calculated n Total Bill Of Rs.1,00,000/-

Total Amount Payable Rs.75000/- (Less) 10% TDS RS.7500/- (Less)10 % TDS RS.2500/-= Net Amt Payable Rs.65000/- Ie. TOTAL TDS AMOUNT OF RS.10000

Previous TDS Amount RS. 2500/- but the problem is TDS Amount RS.2500/-deposit last date is 7^th March So I am Confused ? Net amount payable of Rs.67,500/- OR Rs.65,000/- ?

Regards,

Seema.M

Reply
Follow
Share

7 Replies

Sameer (EXPERT) (173 Points)
Replied 19 April 2012

Dear

Net payble is 65000.00

the ceiling limit is 30000 per payment & 75000 in agreegate,it is not the exempted limit.So on the whole amount TDS is to be deducted.As in the earlier payment u didnt deduct tds then deduct on the subsequent payemnt made by u,& deposit the same with the dept with interest.

(Guest)

65000 is the net amount payable. because you received a single invoice of 100000

Prateek Agarwal (Sr. Executive - Finance & Accounts) (1732 Points)
Replied 19 April 2012

You have to pay Rs 65,000/- to the professional.

Mr. Sameer,

Its section 194J, there is no threshold limit of Rs. 75,000/- in this case.

Sameer (EXPERT) (173 Points)
Replied 20 April 2012

thx for correction,

it is 194j not 194c

Seema (Jr. Accountant) (91 Points)
Replied 20 April 2012

THANK FOR SUGGESTIONS TO ALL,

But I have no clear doubt TDS Amount RS.2500/-deposit last date is 7^th March so its become late & I want each & every things information about TDS so which source is used to get the full details of TDS ?

Regards,

Seema

vishal (CA) (60 Points)
Replied 20 April 2012

You have to deduct TDS on Full amount of Rs. 1,00,000/-. From Rs. 75000/- .

Net Payment Is Rs. 65000/- & TDS is Rs. 10000/-.

No Late Payment Interest Need to pay on Rs 2500/-. Because TDS need to be deducted once thresehold limit cross. You cross Thresehold limit while yo making balalnce payment of Rs. 75000/-..

(Guest)

Originally posted by : Seema.M
	Hi, Suppose, Professional Charges Total Bill Of Rs1,00,000/- Rs.25,000/- given as advance without TDS deduct because amount less than Rs.30,000/- as on 8th February to the party before Invoice received . As on 15th March Invoice received & remaining amount paid of Rs.75,000/- Less 10% TDS Rs.7500/- = Net Amount Payable Rs.67,500/- IT IS CORRECT ?? YA TDS is calculated n Total Bill Of Rs.1,00,000/- Total Amount Payable Rs.75000/- (Less) 10% TDS RS.7500/- (Less)10 % TDS RS.2500/-= Net Amt Payable Rs.65000/- Ie. TOTAL TDS AMOUNT OF RS.10000 Previous TDS Amount RS. 2500/- but the problem is TDS Amount RS.2500/-deposit last date is 7th March So I am Confused ? Net amount payable of Rs.67,500/- OR Rs.65,000/- ? Regards, Seema.M

Net amount payable will be 65,000/- only , due date for TDS deposit will be 30th April for any date of march month and no interest will be there on payment of Rs. 25,000/-