15 September 2011
my query is if we forget to deduct TDS on a rofessional Bill on 31.03.11what should I do can I show it as Expenses payable without deduction of TDS on 31.03.11 subsequently if I make payment in next FY what should i do at the time of payment Income Tax return for F Y 10-11 is still pending but TDS returns are duly filed
15 September 2011
According to amendment you can claim the above expense in the same financial year if you deposit the TDS before filing the return but for this you will also have to revise the TDS return. If you dont wish to claim expense in f.y. 2010-11 the same will be disallowed u/s 40(a)(ia) in the computation of your income. You can show the amount as payable and later claim this expense in the next f.y.
15 September 2011
That means i have to reverse the expenses on 31.03.2011 so what entry should i pass for reversing the expenses i.e if I credit the the expenses to whom should I debit as per you reply I can show the expenses as payable that means Exp. payable account may remain same
CAclubindia
