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TDS on Advertisment

Ashwini Kalbhor (Tax Practitioner) (104 Points)

11 March 2021

Hello,

Please tell me what to do if on advertisment expenses TDS not deducted and full payment done to the patry ? Bill amount is above Rs.30k

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10 Replies

RAHUL JAIN (Accountant) (32 Points)
Replied 11 March 2021

Book TDS and pay it.. and extra amount show as advance to vendor.

Ashwini Kalbhor (Tax Practitioner) (104 Points)
Replied 11 March 2021

There is only one bill. no further transaction in whole year.

RAHUL JAIN (Accountant) (32 Points)
Replied 11 March 2021

If you are in audit so shall be booked. otherwise no need to book if no other transaction in whole year.

Ashwini Kalbhor (Tax Practitioner) (104 Points)
Replied 11 March 2021

Yes. audit is applicable.

RAHUL JAIN (Accountant) (32 Points)
Replied 11 March 2021

Please book TDS and do accordingly

Kapadia Pravin (17249 Points)
Replied 11 March 2021

TDS is to be deducted if A single payment or credit exceeds Rs. 30,000.

1 Like

RAHUL JAIN (Accountant) (32 Points)
Replied 11 March 2021

Right Sir

CMA Poornima Madhava (CMA) (13097 Points)
Replied 11 March 2021

You need to deduct tax at source u/s 194C and pay the same to the Govt along with interest (if applicable). You may negotiate with the vendor to, either return the same or issue credit note, once you provide them form 16A. Such errors do happen and most of the times vendors are supportive.

Unmesh (student) (108 Points)
Replied 11 March 2021

You may deduct and pay the tax now. later you make chase for the refund of the excess paid certainly that will be the TDS deposited amount with that ad agency or you may adjust it with future payable.