Tax deduction at source
This query is : Resolved
06 November 2007
Dear sir/Madam,
In the quaterly TDS return on which pattern we pass entry i.e.amount due basis to the party or when the actual amount paid.
e.g.
We deduct the TDS & Deposit in the bank ,but to the party we make payment in the next quatrter.Wat should be done in this condition and what remedy if Vice-versa ?
Regards,
Anil Jain.
In the quaterly TDS return on which pattern we pass entry i.e.amount due basis to the party or when the actual amount paid.
e.g.
We deduct the TDS & Deposit in the bank ,but to the party we make payment in the next quatrter.Wat should be done in this condition and what remedy if Vice-versa ?
Regards,
Anil Jain.
06 November 2007
Tax is to be deducted at source on credit or payment whhichever is earlier .
On making TDS , credit TDS payable and debit party .......other entries are in normal course.While paying TDS , debit TDS payable .
On making TDS , credit TDS payable and debit party .......other entries are in normal course.While paying TDS , debit TDS payable .
06 November 2007
If we make payment to the patry but deposit TDS amount in the next Qtr. with int.Whether we r required to Revise the Return or not.
06 November 2007
Yes since the credit belongs to the previous qtr the previous qtr returns have to be revised
06 November 2007
If payment to party & deposition of TDS both in the next qtr. whether we require to revise the return or we make entry in the next qtr. date ?
06 November 2007
Yes revise it
06 November 2007
Obviously you are correct Mr.Anil. Payment or credit whichever is earlier. If you had created respective journal in last month for ex 30.06.2007 you would have paid the respective TDS within 7 days of subsequent month. The respective entry would have included in your 1st quarter e-TDS return
13 November 2007
Now plz tell me in the TDS Return the date of Payment or credit whichever is earlier is written. In that, credit to party is generally made on the bill's date.Then,should we pass entry on the bill date.
But in the E-Filing there is only one option is shown i.e. date of payment .
Can we write the date of bill in place of date of payment.
Regards,
But in the E-Filing there is only one option is shown i.e. date of payment .
Can we write the date of bill in place of date of payment.
Regards,
15 January 2008
Resive returns
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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 Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
CAclubindia
