tds on rcm gst

TDS 484 views 4 replies
will tds also deducted on rcm gst component?
Replies (4)

No....
Only Bill value (Basic Value)

new limit of cash disallowance above rs 10000 Will be applicable from 1/04/2018 or 01/04/2017???

Reduction in Limit under section 40A(3A)
 

In order to dis incentivise cash transactions, it is proposed to amend the provision of section 40A of the Act to provide the following:

 

(i) To reduce the existing threshold of cash payment to a person from twenty thousand rupees to ten thousand rupees in a single day; i.e any payment in cash above ten thousand rupees to a person in a day, shall not be allowed as deduction in computation of Income from "Profits and gains of business or profession"

(ii) Deeming a payment as profits and gains of business of profession if the expenditure is incurred in a particular year but the cash payment is made in any subsequent year of a sum exceeding ten thousand rupees to a person in a single day; and

 

(iii) Further expand the specified mode of payment under respective sub-section of section 40A from an account payee cheque drawn on a bank or account payee bank draft to by an account payee cheque drawn on a bank or account payee bank draft or use of electronic clearing system through a bank account.

 

These amendments will take effect from 1 April, 2018 and will, accordingly, apply in relation to the assessment year 2018-19 and subsequent years.

TDS will be attracted on AV....It will not attracted on Tax liability.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register