If the Bill amount is 55150 & TDS is 1103/-, When this amount is for a period of 3 months, I need to calculate prepaid expenses for 1 month.
On which amount i should calculate? Either 55150 or 54047/-
Ajay Kumar (CA) (279 Points)
20 January 2011If the Bill amount is 55150 & TDS is 1103/-, When this amount is for a period of 3 months, I need to calculate prepaid expenses for 1 month.
On which amount i should calculate? Either 55150 or 54047/-
CA P KARTHIKA
(Chartered Accountant)
(715 Points)
Replied 20 January 2011
kindly describe wat's the nature of payment of that bill...?
neha AWASTHI
(hh)
(230 Points)
Replied 20 January 2011
prepaid expences is calculated on the total expences amount debited in p/l a/c.we always debit the total expences before tds
so prepaid exps calculated on Rs.55150/- that is for one month Rs 18383( 55150/3*1)
sanjeev
(student CA CS)
(295 Points)
Replied 20 January 2011
Nandish Shukla
(Student)
(76 Points)
Replied 20 January 2011
TDS would be deducted from party's account not from Income / Expenses Account.
You should be calculating Prepaid Expenses on Bill amount not the amount after deduction of tax.
In case there is any indirect tax credit is claimed such as VAT, Service tax, Excise, (in this case there may be service tax) as this is case of TDS you should consider the amount after dedcution of tax credit claimed
In illustrated case if amount of bill after deduction of indirect tax credit Rs. 55,150/- Your expenses would be Rs. 36,767/- (2/3 of total) & Prepaid Expenses would be Rs. 18,383/- (1/3 of total)
Bhav Bhuti Sharma
(Towards Professionalism )
(823 Points)
Replied 21 January 2011
| Originally posted by : Nandish | ||
 |
TDS would be deducted from party's account not from Income / Expenses Account. You should be calculating Prepaid Expenses on Bill amount not the amount after deduction of tax. In case there is any indirect tax credit is claimed such as VAT, Service tax, Excise, (in this case there may be service tax) as this is case of TDS you should consider the amount after dedcution of tax credit claimed In illustrated case if amount of bill after deduction of indirect tax credit55,150/- Your expenses would be36,767/- (2/3 of total) & Prepaid Expenses would be18,383/- (1/3 of total) |
agree |
SUNNY
(CA Final & CS Professional)
(327 Points)
Replied 21 January 2011
TDS is to be calculated on bill amount i.e Rs 55150
Tanay
(CA Final Student)
(274 Points)
Replied 21 January 2011
It should be calculated on gross liablity or gross amount payable...
i.e. Rs.55150.00
Tanay
(CA Final Student)
(274 Points)
Replied 21 January 2011
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
