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TMI BlogTDS/professional tax on Consultancy feesX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir / Madam, I need your suggestion regarding the Tds deducted on Consultancy Service. I am proprietor of the small Clearing forwarding firm. In the assessment year 2012-13, I had raised the Bill of Rs. 3, 86,050/- to one of our manufacturer for Consulting Charges. They give me advance payment of Rs. 1, 00,000/ rest kept due/balance for as per term decided o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce work complete. I deposited cheque. Unfortunately work not had done yet in month of Nov 2012 they took file back from me gave to other company for the same work. I filed the IT recd the refund also for assessment year 2012-13. Now, I have to return the payment of 1, 00,000/ which I recd as a advance. But customer is asking to refund TDS amount as well of Rs. 38,605/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Please suggest, shall I return full amount 1, 00,000 + TDS 38,605 or only 1, 00,000.00 - Reply By Padma Balakrishnan - The Reply = TDS Deducted is as good as amount recd hence u will have to treat it in the same way as the amt of Rs 1 lac actually recd.However how much to refund will have to be evaluated by you based on the contract terms. Secondly whether u have shown 1 lac as income pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id the tax on it also to be considered. CA Padma Balakrishnan - TDS/professional tax on Consultancy fees - Query Started By: - Yashwant Chakve Dated:- 28-1-2013 Accounting - Auditing - Got 1 Reply - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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