When I paid Rs 10,000 in advance to a party before March 2021, I deducted 7.5% tds. Is it true that I have deducted TDS rate of 10% on the remaining amount. it's true?
Do I have to deduct tds on top of the 10000 advance payment I made because the tds rate for fy 2122 is 10%. When I made that advance payment in fy 2021, the tds rate was 7.5%. Do I have to deduct another 2.5% tds
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TDS ON REMAINING BALANCE
Replies (2)
Quick Summary
For Advance payment made in last FY, the TDS obligation happened last year itself. Hence , it won't subject to any TDS in the current FY. Therefore, you need not pay any differential TDS on advance payment in CY.
On advance payment, TDS @ 7.5% is correct. When you account the transaction (or when any further payment is made), deduct tax at source @ 10% on such value.
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