TDS

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ravi (Querist)
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31 August 2010 Dear All,

I received a invoice with the date of Nov-09 and it is booked in May-2010, in the same date TDS has been deducted. Is it right way, if not, please suggest me the right way so that it should be proper according to accounting rules.

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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31 August 2010 Bill should have been booked in the FY 2009-10.
Date of booking the amount is the date of receipt of Bill. So you should book the bill on Nov 09 and deducted TDS and deposit along with interest for late deduction @1% p.m.

ravi

ravi (Querist)
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31 August 2010 Dear Sanjay ji,

sorry I forget to mention that bill was received in the FY2010-11 and it is for professional services provided by CA firm.
in the last FY they could not complete the service and now after completing the services, they have submitted the bill in the FY2010-11. Please suggest me what should I do now.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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31 August 2010 Then book the bill in current FY and deduct TDS thereon. Also ask the party to give the bill in current date as the work has been completed in this year.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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31 August 2010 agreed with Mr. Sanjay

ravi

ravi (Querist)
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31 August 2010 Thank you very much Sir.......

VANDANA

VANDANA (Expert)
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04 September 2010 Agreed with mr. sanjay

& there is also one thing...

if you hav not yet paid the tds on that particular BILL... Than interest will be levied @1% till 30TH JUNE,& Thereaft 1.5%WEF 01/07/2010