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Can I Book entry in books on invoice receipt date ?

CA Raxit Patel (PRIVATE JOB) (29 Points)

29 September 2019

Hello friends have one doubts i received a invoice from service provider , invoice date is 29th August 19 invoice receiving Date on 10th September 19 and TDS already paid for the month of Aug 19 now just i want to know can I book this invoice in my books on invoice received date i.e. 10th September 19 ?

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25 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 29 September 2019

Yes... You can book the invoice in September...

( How to You paid (deduct) TDS...? Which based value...)

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sabyasachi mukherjee (27574 Points)
Replied 29 September 2019

If its an expense on behalf of the service provider .
it has to be booked on the day you accrue the liability or at the end of the month.
This fundamental is for accounting.
for commercial its different.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 29 September 2019

If it's deducted against payment then Yes... No way for deduct/pay without transactions in based to any of the FUNDAMENTALS....

Kapadia Pravin (17259 Points)
Replied 29 September 2019

@ Raxit

What is your view as you are a professional too.

You can surely book invoice on 10th September 2019 and that is correct.

TDS you will have to deduct ----

"" at the time of credit of such sum to the account of the service provider ( here it is 10-9-2019) or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier. ""

So you can deduct TDS in Sept 2019 and pay by due date.
-----
Sabyasachi , what accounting fundamental and what commercial fundamental for this query which you referring ??? ???

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 29 September 2019

@ Mr Kapadia Pravin.,

Very well reply... I agreed to You.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 29 September 2019

(What is your view as you are a professional too.) Dear Mr Kapadia Pravin., Some times some doubts to anybody. It's common. Don't be consider it to professional or others... 🙏🙏🙏

Kapadia Pravin (17259 Points)
Replied 29 September 2019

Mr Raja, Doubts anybody can have. That is not the issue.

The request is only to know his/her view so that I get to know one more angle of opinion.
You can not request a for a view to anyone. 🙏

CA Raxit Patel (PRIVATE JOB) (29 Points)
Replied 29 September 2019

I AM VERY WELL SURE BUT AT MY NEW JOB PLACE COMPANY BARE TDS INTEREST AROUND 70K YEARLY SINCE LAST MANY YEARS SO FOR That I WANT TO TAKE ALL OUR GOOD PROFESSIONAL OPINIONS SO THAT I REPLY TO MANAGEMENT i.e it's a common industry practice for reducing tax by following a law

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 29 September 2019

( I WANT TO TAKE ALL OUR GOOD PROFESSIONAL OPINIONS SO THAT I REPLY TO MANAGEMENT. )

- Very Well. No more problem Mr CA Raxit Patel...

You can get exact solution from our CCI Experts. Here many more well experienced experts will reply Your query. So, You can ask & also resolve others queries...

Happy to Help You...

( You can book the invoice in September. GOOD LUCK )

CA Raxit Patel (PRIVATE JOB) (29 Points)
Replied 29 September 2019

THANKS TO ALL OF YOU FOR YOUR VALUABLE OPINIONS

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 29 September 2019

You are most welcome dear

sabyasachi mukherjee (27574 Points)
Replied 29 September 2019

@ kapadia your fundament
als are not at all sound.
on what basis you doubt that the bills are not to be booked at the end of the month.
Generally everywhere that is the scenario.
or within that month.
tds is applicable only when its the bill of the contractor. any dispute regarding that.
utility bills are not subject to tds.
The logic behind not booking the bill the day its received is because for tge following reasons:
1. security service
2. internet biilss
In both these cases its need to be validated by the respective department in charge for any discrepancy.
some security persons are not there.
internet service was disrupted.
so there is a need to raise a debit note for the same.
I HOPE I HAVE MADE THINGS AMPLY CLEAR .
RAXIT HV U UNDERSTOOD THE LOGIC BEHIND THE SAME.

Kapadia Pravin (17259 Points)
Replied 29 September 2019

Sabyasachi I just wonder what you wanted to convey. What fundamentals / commercial ???
High fundas truly. Waiting whether anybody endorses your reply !!?

@ Raxit
Anytime you are welcome to post query.
Will appreciate your views too. Regards
Be in touch - mail id - pnkapadia @ gmail.com