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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 ..... TDS/professional tax on Consultancy fees X X X X Extracts X X X X X X X X Extracts X X X X ..... / 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 once work complete. I deposited cheq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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/- Please suggest, shall I return full amount 1, 00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... + 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 & paid the tax on it also to be considered. CA Padma Balakrishn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an X X X X Extracts X X X X X X X X Extracts X X X X
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