Is TDS liability applicable or not on Advance payment for Property Purchase?
Onkar Singh (Dy.Mgr Finance) (38 Points)
18 August 2015Is TDS liability applicable or not on Advance payment for Property Purchase?
Shruthi
(Article Assistent)
(336 Points)
Replied 18 August 2015
Hi Onkar,
TDS is deductable on accrual or payment which ever is earlier. So in your case TDS is deductable.
Onkar Singh
(Dy.Mgr Finance)
(38 Points)
Replied 18 August 2015
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?
raghavan
(self)
(611 Points)
Replied 18 August 2015
Onkar Singh
(Dy.Mgr Finance)
(38 Points)
Replied 18 August 2015
Dear Mr Raghvan, that means if the deal cancelled, it will loss to us regarding TDS which we deposited earlier.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
