We have paid Rs 3,00,000 to catering business and taken TDS at 1% on 19-03-2020 for FY 2019-20.
Now catering fellow as given bill dated 04-04-2020 for FY 2020-21 for Rs 8,00,000/-.
What to do now?
We need to take TDS for Rs. 5,00,000/-
Menu
TDS on advance bill
Replies (9)
Provision can be made & deduction TDS also can be made. Otherwise a split upbill can be requested for two differential FY and acc*nt the same accordingly.
TDS shall be made on balance rs. 5 lakhs in April month and paid on May 7, 2020
So same shall be treated for FY 2020-21 of Rs. 5,00,000/-. Will not be problem for the supplier ?
| Originally posted by : V P Narasimhan | ||
 |
Provision can be made & deduction TDS also can be made. Otherwise a split upbill can be requested for two differential FY and acc*nt the same accordingly. |  |
Will it be possible to split? Will not be a problem for GST?
No. The supplier would have received TDS credit for rs. 3,00,000 in FY 2019-20 but since he will declare his income only in FY 2020-21, the TDS credit would not be availed. Now, in FY 2020-21, the supplier will declare Rs. 8,00,000 as income and take credit of TDS paid for rs. 3,00,000 and balance rs. 5,00,000 in FY 2020-21
@ Mr Avinash Jeevan Dsouza.,
You must be deduct (already You deducted) for the payment of 3lakhs which is paid FY 19-20...
Don't be confuse for the bill received in FY 20-21. You will deduct TDS against Rs 5 lakhs in FY 20-21...
You must be deduct (already You deducted) for the payment of 3lakhs which is paid FY 19-20...
Don't be confuse for the bill received in FY 20-21. You will deduct TDS against Rs 5 lakhs in FY 20-21...
| Originally posted by : RAJA P M | ||
|
@ Mr Avinash Jeevan Dsouza., You must be deduct (already You deducted) for the payment of 3lakhs which is paid FY 19-20...Don't be confuse for the bill received in FY 20-21. You will deduct TDS against Rs 5 lakhs in FY 20-21... | |
So as per our books we have deducted tax for 3 lakh in FY 2019-20
balance 5 lakh in FY 2020-21
and booked the expenses in FY 2020-21
Yes... You are exactly correct.
| Originally posted by : RAJA P M | ||
|
Yes... You are exactly correct. | |
Thank you.
Recent Topic
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
Related Topics
CAclubindia
