Tds deduction

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Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2016 Dear sir,
We had received the labour contract bill on 4/3/2016 but the bill date is 28/2/2016 plz let me know when should i book this bill for tds deduction..

Regard
Rohit shah

Ankur Singhal

Ankur Singhal (Expert)
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22 March 2016 Dear
You have to book the bill on 28/02/2016 for the purpose of TDS.
No matter when you receive the bill, the documentary evidence is the date of bill.

Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2016 Sir i agree with your above reply... but in some cases service provider does not given us the bill by the time for example... the bill date is 28/2/2016 but the service provider has given us this bill on 8/3/2016 i mean after the TDS due date, plz confirm in this case on which date we will book the bill for TDS purpose weather on 28/2/2016 or on 8/3/2016... if on 28/2/2016

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Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2016 Then 1.5% interest will arries or not if yes for how many days if i deposit the TDS on 8/3/2016 of the same bill...

Ankur Singhal

Ankur Singhal (Expert)
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22 March 2016 Dear
You have to book the bill on 28/02 itself.
The interest would be paid for 2 months @ 1.5%.
As the section says pay interest for the month or part thereof.I.e the part of the month us considered as full month.

Neeraj Sharma

Neeraj Sharma (Expert)
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22 March 2016 Agree with Ankur

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Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2016 Ankur sir... we are newly incorporated pvt. Ltd. I was told by some CA that statutory audit is compulsory for all company.. please tell me what is this statutory audit and it's due date...

Ankur Singhal

Ankur Singhal (Expert)
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23 March 2016 Dear
Statutory audit is compulsory for all the companies, and statutory audit is done by a CA.
The due date is 30 sept 2016 for the FY ending on 31/03/2016.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2016 Sir if i am not wrong this audit would be done at the time of conducting AGM right because at time of AGM each company has to appoint the auditor also..

Ankur Singhal

Ankur Singhal (Expert)
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23 March 2016 Dear
AT the AGM the auditor is appointed for the next year.
And audit will be done before AGM is held as the audited accounts are laid in an AGM.

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2016 Sir i am bit confuaed.... weather statutoty audit mean is accounts audit or any thing else

Ankur Singhal

Ankur Singhal (Expert)
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23 March 2016 Dear
Whatelse in your opinion is audited??
pls tell.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2016 In my opinion audited means to check out the exactly financial position... and for the purpose of income tax also....

Ankur Singhal

Ankur Singhal (Expert)
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23 March 2016 DEAR
WHEN YOU DID THE AUDIT UNDER COMPANIES ACT THAT IS ACCEPTABLE UNDER INCOME TAX ALSO.
aND THE AUDIT OF ACCOUNTS IS THE ASSURANCE THAT THE FINANCIAL POSITION IS ALSO AUDITED AS THE CA GIVE DISCLOSURES OF THE AS.

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2016 Sir... i know audit for company act is also acceptable by income tax.. but i want to know the statutory audit weather statuty audit is the same audit of accounts for company act as well as for income tax

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Ankur Singhal

Ankur Singhal (Expert)
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23 March 2016 Dear
yes they are same

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2016 Sir audit of accounts for companies act as well as for income tax, this audit is known as statutory audit right...... plzz confirm.....

Ankur Singhal

Ankur Singhal (Expert)
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23 March 2016 DEAR
YOU ARE RIGHT.

Ashish Bansal

Ashish Bansal (Expert)
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24 March 2016 I have some other opinion on the liability of TDs deduction.
As per statutory provisions, liability of TDS arise on the date of credit to the account or on advance payment.
Therefore even if the bill date is 28 Feb but if you book the invoice in your books on 8th March then liability for TDs should be on 8 March. Experts...
Please suggest your opinion.

Ankur Singhal

Ankur Singhal (Expert)
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25 March 2016 Dear
Whenever you make an entry in accounts i.e via tally or SAP.
You always enter the entry after the bill date but you enter the date in tally which is printed on the bill so that the accounting entry is backed by the proper documentary evidence.
Same is in the case hence tds to be deducted on the basis of date 28/02/2016.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 March 2016 I agree with Mr. Ashish Bansal that booking the invoice need not be on the invoice date it can be booked in the accounts on any subsequent date.