Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2012 situation;
provision for exp entered on 31.5.12

bill received and entered 6.6.12

payment made 31.7.12

Q.1 when should tds to be deducted
31.5.12 or 6.6.12

Q.2 WHEN CREDIT FOR SERVICE TAX CAN BE CLAIMED.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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04 July 2012 TDS SHOULD BE DEDUCTED ON DATE WHEN AMOUNT CREDIT TO PARTY A/C OR PAID WHICHEVER IS EARLIER.
TDS SHOULD BE DEDUCTED AS ON 31.05.2012.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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04 July 2012 SERVICE TAX CREDIT CAN BE TAKEN ON THE DATE WHEN AMOUNT OF SERVICE TAX PAID.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2012 but on 31.5.12 party a/c not credited i.g.

professional fee a/c dr 100000/-
to provision for profession fee 100000/

on 6.6.12

provision for professional fee a/d dr 100000
to mr.xyz a.c cr 100000

then what is date of deduction of TDS

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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04 July 2012 DATE OF DEDUCTION OF TDS WILL BE AS ON 06/06/12.

Message likes : 2 times

CA Rahul Gupta

CA Rahul Gupta (Expert)
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05 July 2012 Mr. Anshul Singhal is correct for his views.As per the given provision as follows:- Fees for professional or technical services - Sec.194J. (1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of—

(a) fees for professional services, or

(b) fees for technical services, or

(c) royalty, or

(d) any sum referred to in clause (va) of section 28

shall, at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax on income comprised therein