Tds deduct current year and expenses book next year ?
This query is : Resolved
12 May 2012
CAN WE BOOKED COMMISSION IN NEXT( YEAR(12-13)AS EXPENSES, IF WE DEDUCT TDS IN LAST YEAR(11-12)AND IT BOOKED IN "ADVANCE TO PARTY" (CURRENT ASSETS).
Guest
Guest
(Expert)
12 May 2012
If commision pertains to 12-13 then we can book it in next year. TDS is applicable on payment or booking of expenses whichever is earlier.
12 May 2012
TDS is deducted on the date of payment or date of credit which ever is earlier. If the expenses is related to F.Y 12-13 you can book the same in F.Y 12-13.
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