CAclubindia

Queries Replied : 2549

Myself JITENDER, graduated from Delhi University in first class and become a CHARTERED ACCOUNTANT in Nov-08.

I am currently working with Max Healthcare.

I am also a part of self study group known as "karwan" for young CAs on emerging issues like IFRSs, GST, etc.

I believe in the saying that " knowledge is not the power. It can be a power only & only when u put knowledge into the action".

I have the interest in Cricket, Chess and Politics too.

Thanks for vivsiting my profile.

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Assessee says : TDS on Bill Discounting
sir, if i am discounting my bill thru financer and inwhich i passes my trade(property of bill) to financer and hence the financer directly collect payment from my seller. In this process, the financer cut some amount as a bill discounting and remaining amount pay to me. so, my query is wheter i should deduct tax on charged debited to my profit and loss account under the head of 'bill discount'. in recent judgement of of Kanha Vanaspati Ltd..v.Additional Commissioner of Income-tax, Range-50, New Delhi, kindly clarify considering this judgement. the main problem is how can i deduct tax as i am not directly paying anything in form of bill discounting as the financer cut the same charges and then after giving me a remaining payment. Does it make any diff. if payment of interest called finance charged direclty cut by financer as how can we deduct tax when we are directly not paying any interest or charges ? In that situation,TDS will be applicalbe u/s.194A

vivek says : hlp me.........
i couldn't crack the last cpt...next exam on nov 4th...can i pass it by preparing 50days nd what r d tips to be remember, i mean which subject should be given importance nd if it is needed to look all chapters in detail?pls help me.....

gajavalli prasad says : tds at lower rate
respected sir, thank you for your feedback regarding tds at lower rate - that only reporting is required not a matter of dissallowance. but section 40(a) is saying that if the provision to chapter regarding tds is not followed then that amount is not admissible.Then in that aspect even lower deduction is violation of tds provisions. then inadmissible may come into picture.