i am working in pvt company as accountant. but i have one
doubt in case of tds deduction. becouse we have paid
Rs.25000/- to Just Dail Group account as a Advertisement
Expences. I know Rules of Tds deduction Rule no: 194C any
payment to contract (advertisement contract) must want to
deduct tds (1.133%)if u paid advertisement expences more
than Rs.20000/- (one time). but my doubt is this. how much
our assessment value in this creditor. up to 20000 don't
want to pay tds. r we only assessed value Rs.5000 (25000-
20000), ie Rs.56.65 or whole amount (25000)ie Rs.283.25.
anybody can help me
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You have to deduct TDS On total value Rs. 25000.00 bcoz as
per rules if u pay more than 20000.00 than TDS should be
deducted on total value. Entry shold be :
Advertisement exp Dr.
To TDS payable a/c Cr.
To Bank/Cash a/c Cr.
| Is This Answer Correct ? | 22 Yes | 1 No |
Answer / ashwani
I am totly agree with Anand, you should deducate the TDS on
total Rs.25,000/-, however it is advisable you should
deducate the TDS wheather amount is exceeding 20K or not.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / saiyad aejaj
in this case your assessible value is rs 25000 so you will
deduct tds on this amount
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / pradeep
Freinds you should deduct TDS on total amount of Bill means
on Rs. 25000. @ of only 1%(250)
and should pass entry.
Add Exp. A/c Dr. 25000
To TDS Payable A/c 250
To Contractor A/c 19750
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / sankar bag
5000-56.65-226.60=4716.75
Total Pay to Creditors- 24716.75 & TDS Amt. 283.25
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / kiran
JOIN IN IFAM, Banglore there they are giving project based
training for 45 days. After training they are giving job.
Call them on9591777526
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / dileep singh
in this case your assessible value is rs 25000 so you will
deduct tds on this amount TDS AMOUNT IS RS 250/- ONLY IN
2010-11 NO CESS WILL DEDUCT
| Is This Answer Correct ? | 0 Yes | 0 No |
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