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Former Member

TDS Advance(urgent)

Dear all,

how to deal with TDS payment at the time down payment? Should we create separate withholding tax type and withholding tax code for TDS payment at the time of down payment just like in the case of TDS at the time for invoice and payment?

Please give some idea.

Will assign points.

Regards,

A.Anandarajan.

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1 Answer

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    Former Member
    Oct 11, 2007 at 02:35 PM

    Hi

    Tds used to be deduted at the time of payment or invoicing which one is ealier. Based on the contractor you have deducted accoring to the section (194-C).

    Down Payment :-

    Vendor A 950

    TDS 50

    Bank 1000

    Purchases :-

    Purchases 3000

    To TDS 100

    To Vendor A 2900

    Final payment to Vendor :-

    Vendor A 1950

    TDS 50

    Bank 2000

    Warm Regards,

    Sivakumar Sathiyamoorthy

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