Interest on tds
This query is : Resolved
09 May 2012
Dear sir,
If a company have deducted TDS on 31.01.2012 i.e. in FY 2011-12 but deposit the same in may 2012 i.e. FY 2012-13. Then should company make accounting entry of interest on TDS in FY 2011-12 or in FY 2012-13 and also how will this accounting entry will effect income tax return of FY 2011-12 i.e. AY 2012-13.
Plz reply soon.
Regards,
Vishal Agarwal
email-vishalagarwal1991@gmail.com
If a company have deducted TDS on 31.01.2012 i.e. in FY 2011-12 but deposit the same in may 2012 i.e. FY 2012-13. Then should company make accounting entry of interest on TDS in FY 2011-12 or in FY 2012-13 and also how will this accounting entry will effect income tax return of FY 2011-12 i.e. AY 2012-13.
Plz reply soon.
Regards,
Vishal Agarwal
email-vishalagarwal1991@gmail.com
09 May 2012
The entry should be made in the year FY 2012-2013 i.e. in the month of May 2012. The effect of this entry is that in either case, even if it booked in 2011-2012 or 2012-2013, the interest shall be disallowed.
Message likes :
1 times
09 May 2012
Dear sir,
If company book the entry of interest on TDS in this FY than should the Income tax return of 4th quarter be revised nor not.
If company book the entry of interest on TDS in this FY than should the Income tax return of 4th quarter be revised nor not.
09 May 2012
Please rectify the question . I think you are talking about TDS Return. The TDS return should include the details of interest. But for accounting, the entry shall appear in the F.Y. 2012-2013.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Disallowance of Section 43B(h) to sez units
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- GST Regis.
- Sale of property furniture sale
- Is correct way to find out capital of individual on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
