When you are making Down Payment or you Receive
Advance ,Does TAX come into Picture. If so how we are
supposed to go about it.
Answers were Sorted based on User's Feedback
Answer / yogi
YES BOTH TRANSACTIONS R SUBJECTED TO TDS FOR THAT U HAVE TO
MAINTAIN CUSTOMISING SETTINGS FOR TDS AT PAYMENT LEVEL R
INVOICE LEVEL AND THE SAME IS APPLIED FOR DOWN PAYMENT AND
ADVANCES ALSO
Is This Answer Correct ? | 12 Yes | 1 No |
Answer / pankaj
as per accounting rules which ever is earlier payment or
invoice must have to calculate TDS over it and booked to
separate GL's. Now coming question offcourse down payment
made or received or invoice TDS or Taxation part comes
into picture !
Respective settings need to maintain.
Regards,
Pankaj.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / gaja
Q. when you are making down payment?
while giving advance to anybody u have to make down payment
that time we should select withholding tax code (if tax
applicable )so that tax will capture from the tax code
itself and received invoice we can nullfy with tax.
Regards,
gajalakshmi
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / srinivasulu k
ONly TDS or TCS will come in to picture while making advance if it is related to services.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / chandu
No... I think there shouldn't be a picture in the case if
down payment / receive advance.
Is This Answer Correct ? | 0 Yes | 9 No |
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