19 January 2012
NO, YOU CAN NOT CLAIM EXPENDITURE FOR YOUR FAILURE. IT IS TO BE WRITTEN OFF AGAINST CAPITAL.
THE NATURE OF TDS PAYMENT IS NOT DIFFERENT FROM INCOME-TAX PAYMENT.
Guest
Guest
(Expert)
19 January 2012
Ashish,
You can do one thing.
Suppose you deposit Rs. 1000/- as TDS in your case. Then you can show the party of whom you deducted TDS as Debtor for the amount of TDS Deducted i.e. Rs. 1000/- and claim from that party.
There is no need to book any expense or write it off.
As you have already paid Rs. 50000/- to that party and it can also claim Rs. 1000/- as TDS amount in its ITR. So there will be no problem and that party will give you refund of TDS amount.
Take it in another way, u were supposed to pay 49000/- to that party but u made excess payment of RS. 1000/- to it so you can show as debtor. Dnt consider diff of 1000/- due to non deduction of TDS. consider 1000/- as excess payment.
20 January 2012
Thanks alot. Actually there will not be any other transaction with that party and we will not get any refund from the party. thats why i was thinking not to debit his account.
Guest
Guest
(Expert)
20 January 2012
Yeah, Ashish ji then you dont debit that amount.