How do i know wheather Tds deducated from Inv.or Not?(eg.If
someone printing a banner for our office for Advertisement
& he issue a Tax Invoice for the same. If Tds is deducted -
then why & if tds is not deducted then why
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Answer / obulirajan r
If Tax invoice shows both Service tax of printing the
banned and VAT on material use to print the banner, then we
have to deduct TDS on Tax invoice. But if the vendor
produce seperate bill one for service charges and one for
material charges, then we have to deduct TDS on service
charges bill not on material charges bill
Please somebody comment on this?
| Is This Answer Correct ? | 28 Yes | 2 No |
Answer / fca naidu 9848146369
:To know whether TDS is made from Invoice or not, you have
to go to TDS payable ledger (under current Liabilties), It
will show you the amount of TDS made. Now you can see the
ledger when you have deducted it will show credit balance,
and the same shall be paid to the INCOME TAX DEPT within
the due dates. As and when the payment is made TDS say
TDS on Advt balance will be reduced to the extent of
payment. TDS shall be deducted from all the parties in
case the total amount paid or payable to them during that
previous year exceeds Rs.20000. In case the invoices do
not exceed this limit then no TDS required. // Most
important thing if you are an individual and not covered
u/s 44AB you need not deduct tax at source.
| Is This Answer Correct ? | 4 Yes | 6 No |
Answer / anil kumar
Yes, TDS will be deducted on that invoice two time
one time as per income tax rule on adv. contract (194 C)
one time as per vat rule- contract if vat charges in
invoice.
| Is This Answer Correct ? | 6 Yes | 19 No |
What wording should be used in the audit report?
i need to pay around $90000 to Mr.R and the agreement clause says that any amount payable as tax are not included in the amount.So how much i need to deduct TDS...??
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