when to apply tds

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when to apply tds..

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

when to apply tds..

Answer / ravishankar

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

when to apply tds..

Answer / bijay parida

when party was coming under TDS act(servicce) or
(professiional) work

Is This Answer Correct ?

11 Yes

3 No

when to apply tds..

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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