The party has raised service bill for Rs. 120000. The TDS
deductor company made TDS on Rs. 100000 i.e., Rs.20000 is
deducted on the gross bill of Rs 120000. My question is
whether to deduct TDS on Rs.120000 or on Rs. 100000?
- 5 Answers
- 7431 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
If the company wants to pay only Rs. 1 Lac., then TDS is
applicable on that amount & if the whole amount is payable,
then it's applicable on Rs. 1.20 Lacs. In other words TDS is
applicable on the total amount payable towards the services
/ contract.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / vishwas
TDS means Tax Deducted at source .It should be deducted on
Amount payable & not on amount paid. Here the bill amount is
Rs. 1.20Lacs i.e. payable. Hence TDS shold be deducted on
Rs.1.20 Lacs only.
| Is This Answer Correct ? | 4 Yes | 3 No |
i am purchasing goods from other state and selling it in my own state, what are the taxes applicable during this transaction. i am paying cst for inter state whetehr i have pay VAT if i sell the same goods in my state.
what is cess?
certificate of export is for which items?
plzzzzzz help me friend my question is, is the tds of part of income tax and when it deduct from salary and why becose tds is deduct only secoundry primary income like lotory etc..
Whether Luxury Tax should be collected on Tariff or on discounted tariff.
I raised a service tax invoice against a client on which i charged service tax and without receiving any sum from client a deposited service tax on good faith but now client refuses to pay sum . so please, tell me what should i do.
If X is an Professional Employee of ABC Ltd. and earning Rs.30000 pm (TDS u/s 194J is applicable) for Taxation purpose. Car loan has been taken on his income and Car has been registered on her wife's (spouse) name. EMI going through "X"'s (an employee)Bank account. Can he show the Interest on Car Loan in his IT returns???
What is tax?
I run a small consultancy firm (partnership with my mother) from my residence address. My firm is not registered, but I do have a separate PAN for it. I do not have any salaried employees. I get work done by freelancers and vendors and pay them against invoice. My annual revenues are just about Rs 5-6 lakhs. I am aware that I would need to register for service tax once I touch Rs 9 lakhs. But I am confused about my obligation to get a TAN and deduct TDS for all vendor/freelancer payments. Are there any minimum thresholds for withholding TDS? Right now I pay 100% of invoice amounts. Please advise.
How to calculate basic price, whether excise duty is 14.42, cess 2%,education tax 1%
on how much turnover did the excise duty will be implemented?
is tds applicable on octroi charges?
Audit 
