Hi,
In agreement for sale, we normally mention the advance amount paid and the corresponding cheque/draft number etc. Now as per the new IT rule, 1% TDS is mandatory to be deducted on transactions above certain value. Now, if Advance to be paid is 10L and thus TDS is 10,000 rupees, what value should be mentioned in the agreement for sale? The cheque would be for 9,90,000 only (advance paid - TDS).
S C