30 July 2012
Four invoices issued by Mr. Talreja to us on A/c of Job Work they have done having total of amt. Rs. 450000 and till now we as a co. has paid Rs. 390000 as lump sum to them and Accountant forgot to deduct TDS, now, Is there any remedy as we hv not deducted TDS and also not yet paid the amt. to the party in full..?? Whether we can show the unpaid amt. as TDS deducted now??
31 July 2012
yes you can adjust the TDS Amount from the balance payment but you need to pay interest from the date it was deductible to the date of deduction @1% and @1.5% from the date of deduction to the date of payment
05 August 2012
But what is need the to pay the interest, we are showing to govt. that we have deducted the TDS in july and depositing you the same till 7th Aug, then why should i need to pay the interest ????
06 August 2012
because as per the provisions of TDS you need to deduct the TDS when you are paying the amount to such person or when bill is credited whichever is earlier
06 August 2012
Dear Sourabhji u are absolutely right but wat m saying is, Invoice dates are: 7th, 12th 15th, 18th. now, as govt. never require the proof that when we have credited the bill in our books..therefore we can easily show that all the lnvoices have been cr on 20th July and the payment made on 30th july..then in this case we hv to deposit TDS on 7th Aug without Interest..??? Please rectify me if i am wrong anywhere...
06 August 2012
but if the payments are made in advance i mean if the date of payment is before crediting the bill (paid by bank) but if payment are made after the bill date then you can do so
06 August 2012
Yaa correct..if payment made before crediting and also thru Bank then in that case this cant be done..okk sir i got my ans..thanks a lot for your quick support.. Regards
CAclubindia
