on 03-26-2010 4:04 AM
Dear sir,
if i paid machine rent but i want to be tds calculate from this transaction, please suggest
Dear,
We do not have any choice for TDS deduction and payment to government sicne these are the statutory issues...
Rule is TDS needs to be deducted at the time of Invoice or Payment, whichever is earlier....to deduct the TDS you will have create invoice and deduct the TDS because if you do not create invoice and make the payment directly, below will be the journal entry...
Rent Dr...
Cash/Bank Cr...
No venodr account is available and hence you can not deduct TDS.....
Regards,
Chintan Joshi
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Hi,
If invoice is present and payment is not made, then definitely you can reverse the invoice and repost it with correct withholding tax data.
If payment is made, then there is no option but to deduct the TDS in the next payment.
Last option is use F-07 and manually deduct the TDS amount , while making the payment, but this will not hit the WITH_ITEM table that is used for all the further TDS processing of certificates.
Regards,
Sameer
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Hi,
HAve you configured Extended Withholding tax in the system?
This enables you to compute TDS.
Regards,
Sridevi
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