Tds bare by deductor
This query is : Resolved
14 December 2012
PLEASE TELL ANYONE IF TDS BEAR BY DEDUCTOR ITSELF FOR TDS LIABILITY, IN THIS CASE SHALL WE DEDUCT THIS (TDS PAID BY DEDUCTOR) IN P&L AS ALLOWABLE EXPENDITURE?
14 December 2012
No.
After geting TDS certificate from deductor you should post an entry mention below:
TDS Reveivable (12-13) A/c Dr.
To XYZ Ltd (Deductor) Cr.
The entry is not effet to P & L in any manner..
After geting TDS certificate from deductor you should post an entry mention below:
TDS Reveivable (12-13) A/c Dr.
To XYZ Ltd (Deductor) Cr.
The entry is not effet to P & L in any manner..
14 December 2012
whether this expense is allowable in deductor's book?
14 December 2012
No.
any Direct Tax (Income Tax / Wealth Tax) liablity is not allow to deduct u/s 37 of income tax act 1961 from the income of PGPB. Either Its should be debit to your accuont by deductor and recoverable from you and if you are not giving the same then it should be book as "Bad Debts" by deductor.
any Direct Tax (Income Tax / Wealth Tax) liablity is not allow to deduct u/s 37 of income tax act 1961 from the income of PGPB. Either Its should be debit to your accuont by deductor and recoverable from you and if you are not giving the same then it should be book as "Bad Debts" by deductor.
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