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Tds Assignment

The document outlines employee salary details, dividend declarations, and various financial transactions of ABC Private Limited for the fiscal year 2024-25. It includes information on employee investments, company purchases, and payments made for services and rentals, along with TDS calculations for different scenarios. Additionally, it highlights significant financial commitments and agreements entered by the company during this period.

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Kotiswamy Pasupuleti
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12 views4 pages

Tds Assignment

The document outlines employee salary details, dividend declarations, and various financial transactions of ABC Private Limited for the fiscal year 2024-25. It includes information on employee investments, company purchases, and payments made for services and rentals, along with TDS calculations for different scenarios. Additionally, it highlights significant financial commitments and agreements entered by the company during this period.

Uploaded by

Kotiswamy Pasupuleti
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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S.

No Name Basic Pay DA EPF HRA SCHEME Investments


OPTED Submitted FOR
FOR FY AY 2025-26
2024-25
1 R Srinivas 58000 16800 6500 14500 Old Rent Paid
Sheme 19500/pm
Joined April LIC 69000
2024 Health Insurance
28000
PAN: . Home Loan
BQSPR8772D Interest Paid
150000
(submitted on 1st
Sep 2024)
2 P Koti 47000 15000 5000 13000 New -
Swamy Scheme

Joined April
2024

PAN:
BZIPP3475L
3 B Pavan 96000 24000 11000 24000 Old . Rent Paid
Kumar Scheme 35000/pm
. NPS Self
Joined April Distribution:
2024 150000
. Interest on
PAN: Higher Education
EXDPP9411A Loan 100000
. Medical Exp for
below 60 age
parents
50000(submitted
on 1st June 2024)
4 SHIVA 18000 2000 1000 - OLD NO DOCS
KUMAR SHEME
5 DILEEP 35000 8000 4000 9000 OLD RENT PAID
SCHEME 11000
June 2024 – ABC Private Limited Company –TAN: VPNP03117C

On 10th May 2024 Abc Limited Declared Divided for its 3 share holders
1. Srilatha – BMSPT3268G – Rs 9000
2. Chandra Sekhar – DBKPK6189E – Rs 6000
3. Naresh Kumar – Rs 10,000 ( no pan submitted )
 On 30th April 2024, ABC Ltd pays Interest to its lender Sri. Kishore Kumar
(pan AEGPP1916A) 10,000
 On 20th April, Company decided to enter an contract with Aurobindo
Realty (AABFW5461C) to renovate its office in Madhapur for an amount
of Rs 1,00,000. And pays Rs 40,000 as an advance in cheque on 25th May
2024.
 On 30th April Company Pays its Concurrent Auditors Remuneration of Rs
25000.
 On 30th April Company Pays its Stock Auditor Remuneration of Rs 75,000
 Paid amount of Rs 15,00,000 to its call center out sourcing agency.
 Paid Royalty to XYZ company to use of its intellectual property of Rs
20,000.
 Paid fee to its company director of Rs 45000 as sitting fee for attending
board meeting as held in 20th april 2024
 Paid to L & T, as entered into an agreement to non-compete its business
of Rs 30,000
 Paid Rs 35000 as one time software maintenance fee to Mr. Z. & Mr. Z
Received Professional fee separately of Rs 1,20,000
Company Purchases details for the month of April 2024. Previous FY Turnover
100 Cr.
Date Company Taxable GST Invoice Value
01-05-2024 A Ltd 13,44,000
05-05-2024 B Ltd 26,25,000
09-05-2024 X Ltd 70,80,000
14-05-2024 D Ltd 25,60,000
21-05-2024 E Ltd 44,80,000
22-05-2024 B Ltd 57,60,000
24-05-2024 B Ltd 10,50,000
25-05-2024 C Ltd 11,80,000
25-05-2024 A Ltd 57,60,000
26-05-2024 D Ltd 17,92,000
26-05-2024 MR Anjan No gst 40,00,000
27-05-2024 MR GANESH 15,75,000
27-05-2024 MR RAVI No gst 15,00,000
30-05-2024 APX 11,20,000
SOLUTIONS
30-05-2024 CELEKT 17,92,000
GADGETS
30-05-2024 HIMA 57,60,000
POWER
30-05-2024 TOYCOON 2,36,000
INFLATABLE
S

 On 31st May paid Office rent of Rs 45000 for 1st Floor to Mr. Siva
 Paid monthly Rent to Mindspace REIT of Rs 500000 on 30th april 2024
 Paid office furniture monthly rent to Rent mojo of Rs 1,30,000
 Paid Plant & Machinery one time rent for year to Bhanu Enterprises of
Rs 1,90,000
 Paid Machinery Monthly Rent to Kumar Enterprises of Rs 60,000

Company Purchases 2 new buildings in Medchal of worth Rs 49,00,000 (Stamp


Duty 45,00,000) & Rs 45,00,000 (Stamp Duty 70,00,000), and Paid 6,00,000 as
parking facility fee for 1st building.

Company entered an agreement with NCC Limited to develop land in Pragathi


Nagar and paid Rs 10,00,000 as development fee, and company share in
developed property 51%.
ABC Ltd pays ₹5,00,000 per month as rent for machinery to DEF Ltd., which is
an individual entity. The machinery is used for manufacturing purposes. Is TDS
applicable? If so, at what rate will the TDS be deducted, and what should be
the TDS amount?
ABC Ltd., purchases goods from JKL Traders. The total value of goods
purchased during the in May 2024 is ₹1,00,00,000. The payment made to JKL
Traders for the same is ₹80,00,000, with an outstanding balance of ₹20,00,000
to be paid in the next quarter. Determine the TDS liability and Explain the
situation if the payment is made against the outstanding balance.
ABC Ltd purchased goods worth ₹35,00,000 during the May 2024 from PQR
Ltd. (a company). ABC Ltd has paid ₹10,00,000 in advance, and the remaining
₹25,00,000 is still due. PQR Ltd. has not provided any GST invoice, and the
purchase was not on credit. Is TDS applicable under Section 194Q? If yes,
calculate the TDS payable on the amount paid.
ABC Ltd. has entered into a rental agreement with MNO Pvt. Ltd. for leasing
commercial office space. The agreed rent is ₹12,00,000 per month, plus GST.
The lease agreement is for 3 years, and no security deposit is paid by MNO Pvt.
Ltd. ABC Ltd. is a corporate entity. MNO Pvt. Ltd. deducts TDS on the rent
payment at the prescribed rate under Section 194I. Determine the TDS amount
that needs to be deducted, assuming the GST rate is 18%.
ABC Ltd has entered into a contract with M/s Singh Construction Company for
civil work at its corporate office. The agreed contract value is ₹15,00,000. The
payment terms are 40% upfront and 60% after completion of work. M/s Singh
Construction is registered under GST, and invoices for each payment include
the GST component. Calculate the TDS liability under Section 194C, assuming
GST is excluded from TDS computation. Also, explain the impact if the payment
is made in instalments.
ABC Ltd. has paid ₹2,50,000 to an individual contractor for repairing machinery
at its factory. The total payment made to the contractor is ₹1,50,000 for labor
charges and ₹1,00,000 for the materials supplied by KLM Ltd. The contractor is
not registered under GST. Is TDS applicable under Section 194C? If yes,
calculate the TDS amount to be deducted.
ABC Ltd. has paid ₹8,00,000 to an individual consultant, Mr. Raj, for providing
legal consultancy services for a corporate restructuring project. The total
contract is ₹10,00,000, but ₹2,00,000 is withheld as security for pending work.
The payment of ₹8,00,000 is made in the current year. Mr. Raj is a registered
professional. Calculate the TDS payable under applicable Section.
ABC Ltd. paid ₹18,00,000 to an IT company, Techify Solutions, for providing
technical services to upgrade its software. Techify Solutions is registered under
GST, and the invoice amount is exclusive of GST. The payment made includes
₹2,00,000 for incidental software purchases. Explain whether TDS is applicable
under applicable Section and determine the TDS to be deducted.
Calculate TDS for the month of May 2024. And show the balances under each
section, 24Q & 26Q wise.

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