TDS on invoices
This query is : Resolved
03 October 2008
Dear All,
In a situation where expenses invoices/bills pertaining to a particular month (say April 08)comes to A/cs dept in the month of aug 08 and gets duely accounted on the invoice date ,gets paid in the month of august itself less TDS.
Now whether the TDS be paid along with interest when it is paid on 7th sept or not?
Can the Invoice be accounted in the month of receipt in order to avoid interset?will there be any qualification as regards the TDS pmt without interest not paid in this case?
In a situation where expenses invoices/bills pertaining to a particular month (say April 08)comes to A/cs dept in the month of aug 08 and gets duely accounted on the invoice date ,gets paid in the month of august itself less TDS.
Now whether the TDS be paid along with interest when it is paid on 7th sept or not?
Can the Invoice be accounted in the month of receipt in order to avoid interset?will there be any qualification as regards the TDS pmt without interest not paid in this case?
Guest
Guest
(Expert)
03 October 2008
Better way is to get the confimation of letter from the supplier that the invoice is prepared in april,08 but the same is sent during the august, 08 and thereafter book the invoice during the august, so that you can avoice interest liability and also the same will not be covered under the tax audit report.
03 October 2008
Dear All,
In a situation where expenses invoices/bills pertaining to a particular month (say April 08)comes to A/cs dept in the month of aug 08 and gets duely accounted on the invoice date ,gets paid in the month of august itself less TDS.
Now whether the TDS be paid along with interest when it is paid on 7th sept or not?
Can the Invoice be accounted in the month of receipt in order to avoid interset?will there be any qualification as regards the TDS pmt without interest not paid in this case?
In a situation where expenses invoices/bills pertaining to a particular month (say April 08)comes to A/cs dept in the month of aug 08 and gets duely accounted on the invoice date ,gets paid in the month of august itself less TDS.
Now whether the TDS be paid along with interest when it is paid on 7th sept or not?
Can the Invoice be accounted in the month of receipt in order to avoid interset?will there be any qualification as regards the TDS pmt without interest not paid in this case?
03 October 2008
The invoice might have been dated August, but if you have proof that it was received only in August, or you approved it for accounting only in August, you can justify your action.
04 October 2008
Tax will be deductible on the date in which the expenses is accounted for according to the method regularly followed by the assessee.If however the payment is made beofre such credit, TDS should be deducted on the date of payment.
10 October 2008
Invoice date and accounting date may be different. Fully agree with Mr. Agrawalla's seasoned answer.
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