is it necessary to make payment to party in the same
assessment year after deducting tds
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
When tax is deducted at source while crediting the a/c of a
party or making the payment to them 9whichever is earlier)
as per the Income tax Act, the same should be remitted to
the Govt. A/c on or before the due date (i.e. 7th of the
following month at present for TDS other than salaries). In
case the same is not remitted, interest is applicable as
prescribed in the Act.
Making or not making the payment has no bearing on Income
Tax liability. Till the payment is made tot eh party, it
will appear as Current Liability in the books of accounts.
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / yasin
i think it remain outstanding eventhough tds is deducted
Is This Answer Correct ? | 1 Yes | 0 No |
plz tell me calculation of service tax and tds. point by point
Define financial year?
what is the different between CST , VAT, and Excise Duty ?
We are Interior Decorators in Chennai,Tamilnadu. I would like to know the vat applicable for us 14.5% or 5%. We supply the material and do the works at the sites itself.
is there any specific percentage related to lower tax deduction under tds
Pls advise if a client pays us - Rs. 3,43,00 after deducting 2% TDS 7000 on 3,50,000/- and our Invoice is Rs. 3,30,000/- then how we pas entry of the difference amount Rs. 20,000/-
what are the indirect taxes?
I am running a small business under labour charges. I purchase raw material paying tax. I do not have a tin no. In that case kindly advise How to file IT returns of my company and whether I can claim tax refund.
for whom it is paid? what is the percentage for thta
What is the journal entry for tds certificate received by the company debtor
In the excise bill I have applied basic excise duty only. The excise duty of cess(2%) and Hcess (1%) is not applied. Is this correct???
How to calculate sales tax ?