TDS on payments to creditors
This query is : Resolved
29 August 2008
Company X Ltd avails services for repair of machinery on 30 March 2008. The service provider raises a bill dated 30 March 2008 on Co X Ltd for the services availed which is received by the Co X Ltd on 2 April.
The Co. X Ltd after being fully satisfied with the services availed gives credit to the party on 12 May 2008 and makes the payment on 23 June 2008 and subsequently deposites the TDS on 12 July 2008.
Is the policy followed by the Co X Ltd correct as per the Act?
Can a Company book an expense of a date different from the date of Invoice received from the service provider for the same?
What should be the correct accounting for these types of transactions?
The Co. X Ltd after being fully satisfied with the services availed gives credit to the party on 12 May 2008 and makes the payment on 23 June 2008 and subsequently deposites the TDS on 12 July 2008.
Is the policy followed by the Co X Ltd correct as per the Act?
Can a Company book an expense of a date different from the date of Invoice received from the service provider for the same?
What should be the correct accounting for these types of transactions?
06 September 2008
TDS has to be deposited after u make the credit
Presently u r depositing TDS late as credit is earlier in yor case
Presently u r depositing TDS late as credit is earlier in yor case
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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- Is receivable or recoverable same thing
- Bifurcation of prepaid expenses
- What is meaning of cumulative method of interest
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
