TaxTMI 
TaxTMI 
TDS/professional tax on Consultancy fees
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....DS/professional tax on Consultancy fees<br> Query (Issue) Started By: - Yashwant Chakve Dated:- 28-1-2013 Last Reply Date:- 28-1-2013 Accounting - Auditing<br>Got 1 Reply<br>Companies Law<br>Dear Sir ....
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..../ 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 R....
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....s. 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 chequ....
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....e. 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.....
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.... 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 +....
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.... 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.H....
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....owever 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 Balakrishna....
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