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when to apply tds
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Answer / masood
1. At the time of Inovice (or)
2. At the time of making advance payment to Vendors
which ever is earlier TDS will be deducted
1. At the time of Invoice, accounting Entry is as below (
for 1000 Rs/- Expenses )
Expenses A/c .............DR 1000
To Vendor A/c ....... 900
To TDS A/c ....... 100
2. At the time of Advance Payment accounting entry is as
below for 1000 Rs/.Payment.
Vendor A/c ......DR 1000
To Bank A/c... 900
To TDS A/c... 100
Thanks....and please correct if the above answer is wrong
| Is This Answer Correct ? | 18 Yes | 2 No |
Tds-Tax Deducted at Source
Tds is to apply while making payments to vendors(for the
service rendered)
For example:Tds on contract,deducted 2.06%(or 2.266% not
sure in this)
Tds on brokerage,deduct 10.3%
Above mentioned rate changes as prescribed by central
government
| Is This Answer Correct ? | 12 Yes | 4 No |
Answer / bijay parida
when party was coming under TDS act(servicce) or
(professiional) work
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / navin
1.You are Prop. Concern when u are cross 40 Lak Sales that
time u will liable ( first year execpt )
2. you are Partner , Ltd, Private Company u will liable to
when we start the company onwards
Commission exceed - 5000/- Rate of TDS 10.3%
Inerest exceed - 5000/- Rate of TDS 10.3% or 20.6%
Contract exceed - Single Bill 20000/-or Whole year
transaction Rs.50000/- Rate of TDS 2.266%
Rent - 100000/- Rate of T.D.S 15.45 (or) 20.45%
| Is This Answer Correct ? | 9 Yes | 5 No |
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1. How to calculate vat @4% on a bill which also suffers Service Tax @ 10.30%. ie. Whether i hav to calculate on the basic or on the sum of Basic + service Tax. kindly clarify in this regard immdly. because som part of people says it sholud b calculated on the basic, another part of people says it should be calculated on the sum of Basic + Service tax.... 2. when we deduct TDS for the invoice? ie. In the invoice which suffers Vat & also Service tax or the invoice which suffers only Service Tax? Kindly clarify me immdly.
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Audit 
