Advances have always been a part of businesses since inception. The advance may be a security or financial support against the order or for any other purpose.
In the case of layered or multiple taxes, the missing out or duplicity of tax implication while booking transactions is a very common phenomenon of error. Mistakes/errors when 1 or 2 are manageable, but when more than few becomes the fishbone.
TDS deduction is a very basic compliance where while making payment to any company or individual beyond a certain amount, the tax of a specific percentage has to be deducted at source. But in the case of Advances, many times we deduct TDS against advance, and due to the heavy flow of work, it might not be a part of your remembrance.
When it comes to the TDS deduction, the duplicity or double deduction of the same for the advance part can harm your Unadjand and also depict incapability in professionalism.
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For instance, you have to give an advance against a PO to XYZ Ltd and the balance amount is to be transacted on a later date. You have transferred the advance after the deduction of TDS. Further when you record the expenses, then the system will notify you with the list of unadjusted TDS amounts which were earlier deducted on account of XYZ Ltd. so that you can select the one relevant to your entry and avoid any kind of multiple deduction.
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