Tds credit date
This query is : Resolved
06 December 2011
I have consultancy bill of Rs.400,000/- (including service tax), with invoice date 1-Nov-2011, but for Oct-2011 consultancy fee. I deducted TDS on this invoice @10%. Can i Book it in 31-Oct-2011? In which month this invoice liability booked? Is it consider the liability of Oct-2011? or Nov-2011?
06 December 2011
Though it relates to the month of October it will be booked on 1st Nov and TDS will be deducted. The deducted TDS will be required to be paid on or before 7th December in ITNS 281.
06 December 2011
Agreed with Mr. Sanjay.
However, had it been the case of March, you would be required to make a provision for such exp on 31st March itself & accordingly the TDS would also be required to be deducted on 31st March.
Within a financial year, you should follow a convention of booking an expense, not earlier than its bill date. Its a prudent practice.
However, had it been the case of March, you would be required to make a provision for such exp on 31st March itself & accordingly the TDS would also be required to be deducted on 31st March.
Within a financial year, you should follow a convention of booking an expense, not earlier than its bill date. Its a prudent practice.
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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 einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
