What is wht

Hi, On every sales income receipt the debtor has deducted 10% or 2% of amount likewise as TDS but my senior has booked it as WHT. Can someone elaborate me what is WHT? Is it TDS?
Replies (5)

Withholding tax .. It's the same as TDS

then how to make bifurcation for 2% or 10%??

Dear Ritika,

WHT(Whithholding Tax) is nothing but TDS. Internationally TDS is known as WHT. Now your second query is how to bifurcate?

You have a very reliable resource and that is Form 26AS where you can find every deduction in details. And this is necessary also to match WHT showing in your books of accounts with Form 26AS as far as the proper accounting is cooncerned. Since you can claim only those TDS which are given in Form 26AS.

The second alternative is also with you, if you want to bifurcate it temporarily you can export WHT Account in excel with Assessable value and WHT amount deducted. Then you can by applying formula [=WTH/Assessible Value] get the rate of WHT deducted.

 

Regards

Shreesh Kumar 

 

Got it...

Thanks Shreesh

You're Welcome

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