i am working in pvt company as accountant. but i have one
doubt in case of tds deduction. becouse we have paid
Rs.25000/- to Just Dail Group account as a Advertisement
Expences. I know Rules of Tds deduction Rule no: 194C any
payment to contract (advertisement contract) must want to
deduct tds (1.133%)if u paid advertisement expences more
than Rs.20000/- (one time). but my doubt is this. how much
our assessment value in this creditor. up to 20000 don't
want to pay tds. r we only assessed value Rs.5000 (25000-
20000), ie Rs.56.65 or whole amount (25000)ie Rs.283.25.
anybody can help me
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Answer / trackyyy
You have to deduct TDS On total value Rs. 25000.00 bcoz as
per rules if u pay more than 20000.00 than TDS should be
deducted on total value. Entry shold be :
Advertisement exp Dr.
To TDS payable a/c Cr.
To Bank/Cash a/c Cr.
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Answer / pavan
according to section 194c of income tax act,1961assasable
value will be 25000/-and amount of tds will be 250
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