TDS ON CREDIT NOTE

TDS 6903 views 1 replies

We have paid to vendor amc charges quarterly ----- rate is fixed

I.e 42000/- quarterly advance

We have paid amc from OCT 2019 to DEC 2019 - 42000/- plus gst (tds is deducted 2% 194c and also tds return filed )

Now we have to deduct 14,000/- for not doing amc for nov 2019 month)

So he has given credit note - AMOUNT 14000/- plus gst

We will deduct this amount from JAN 2020 TO MAR 2020 bill payment 

bill amount - 42000/-- plus gst LESS 14000/- plus gst (credit note)

AMC Expenses in books - entry will DR (42000-14000) = 28000/-)

MY question is:- 

TDS SHOULD BE DEDUCTED ON 42000/- bill amount

OR

42000/- LESS CREDIT NOTE AMOUNT 14000/- =28000/-

PLS REPLY 

THANKS

 

 

 

 

 

Replies (1)
You have right to deduct TDS on adjusted amount if any in the last quarter.

It's a question of TDS of Rs. 280/- being Nov TDS mistakenly deducted. You can let go that excess amount provided deductee find no problem. The deductee will claim higher amount of TDS in his ITR. No big issue.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details