What is Vendor Reconciliation and how is it done ?
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Answer Posted / divya
Reconciling your vendor statements allows you to ensure that there are no mistakes or inaccuracies between what the vendor is charging you and the inventory, services or supplies you received. Statements typically arrive around the same time each month.
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I run a small consultancy firm (partnership with my mother) from my residence address. My firm is not registered, but I do have a separate PAN for it. I do not have any salaried employees. I get work done by freelancers and vendors and pay them against invoice. My annual revenues are just about Rs 5-6 lakhs. I am aware that I would need to register for service tax once I touch Rs 9 lakhs. But I am confused about my obligation to get a TAN and deduct TDS for all vendor/freelancer payments. Are there any minimum thresholds for withholding TDS? Right now I pay 100% of invoice amounts. Please advise.
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