Tds
This query is : Resolved
04 March 2015
Hi All
Bill date 17/6/2014 U/s 194J amt 1.14lacs for F.Y. 2012-13 & 2013-14 payment made 18/11/2014 without tds deduction, If i want to deduct & pay in March interest should b @1% / 1.5% ???????????
thnx
Bill date 17/6/2014 U/s 194J amt 1.14lacs for F.Y. 2012-13 & 2013-14 payment made 18/11/2014 without tds deduction, If i want to deduct & pay in March interest should b @1% / 1.5% ???????????
thnx
04 March 2015
Interest @1% per month or part thereof for late deduction of TDS.
04 March 2015
For late payment also you have to pay interest @ 1.5% per month or part of the month from the date of deduction to the date of actual payment.
04 March 2015
Since deduction and payment both being made in March question of interest on late deposit do not arise.
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04 March 2015
Sanjay Sir
1) Expenes are Pertaining to F.Y. 2012-13 & 13-14.
2)Bill date is 17/6/2014 & payment 18/11/14
3)tds not deducted.
Therefore shall i deduct tds on payment basis in March 2015 with interest @1% ?????????????
1) Expenes are Pertaining to F.Y. 2012-13 & 13-14.
2)Bill date is 17/6/2014 & payment 18/11/14
3)tds not deducted.
Therefore shall i deduct tds on payment basis in March 2015 with interest @1% ?????????????
04 March 2015
See TDS should be deducted on the date of payment or credit whichever is earlier. In your case you should have deducted TDS on 18/11/2014 assuming credit was made on same day. So from 18/11/2014 till date of deduction interest to be paid on late deduction of TDS. So in this case interest of 5% for 5 months to be paid.
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04 March 2015
ok got cleared.
but the expeneses are of F.Y.2012-13 & 13-14 paid in 14-15 without any provision so will the expeneses b disallowed by the IT Deparment as prior period expenses????
plz clarify
thnx
but the expeneses are of F.Y.2012-13 & 13-14 paid in 14-15 without any provision so will the expeneses b disallowed by the IT Deparment as prior period expenses????
plz clarify
thnx
04 March 2015
Expenses will be allowed since you ate claiming the expenses in current year and deducting and depositing the TDS.
Ideally you should have made the provision and deducted TDS thereon in the concerned FY.
Ideally you should have made the provision and deducted TDS thereon in the concerned FY.
04 March 2015
Thnx Sanjay Sir
Asper the Sec 28 (1), the prior period expenses are disallowed, if u don't make provision.My CA is doing this every year, bt he is not reay to accept the fact, he says its's allowed unless & until u r not claiming the same twice. Is it right to do so in d Mercantile accounting system????????????
plz reply soon if u can.
thnx
Asper the Sec 28 (1), the prior period expenses are disallowed, if u don't make provision.My CA is doing this every year, bt he is not reay to accept the fact, he says its's allowed unless & until u r not claiming the same twice. Is it right to do so in d Mercantile accounting system????????????
plz reply soon if u can.
thnx
04 March 2015
No issues. You can claim. Expenses will be allowed.
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