Is TDS liability applicable or not on Advance payment for Property Purchase?
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Tds on advance on property?
Replies (4)
Hi Onkar,
TDS is deductable on accrual or payment which ever is earlier. So in your case TDS is deductable.
At present we are making some advance payment. Once we deduct & deposit TDS on it, later for some reason deal become cancelled, is the earlier deposited Tax will refund to us or not?
Tax cannot be refunded to deductor. The seller has to claim refund or tds adjusted in his it return. U are paying tds on behalf of seller.
Dear Mr Raghvan, that means if the deal cancelled, it will loss to us regarding TDS which we deposited earlier.
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