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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TDS on Advertisment
Replies (10)
Book TDS and pay it.. and extra amount show as advance to vendor.
There is only one bill. no further transaction in whole year.
If you are in audit so shall be booked. otherwise no need to book if no other transaction in whole year.
Yes. audit is applicable.
Please book TDS and do accordingly
TDS is to be deducted if A single payment or credit exceeds Rs. 30,000.
Right Sir
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.
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.
Thank you all of you for your valuable reply.
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