shatrughan sinha (professional) (36 Points)
08 June 2009Dear Colleagues
Suppose our Tds liability is Rs 100 & Interest thereon is Rs 20 & we have deposited Rs 115. Now my question is whether Tds deposited Rs 115 should be first set offs against Interest element of Rs 20 then the balance of Rs 95 should be set offs against Rs 100 or vice versa. what is the law behind this.
Kindly clarify
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 08 June 2009
According to the law, the dues shall be first adjusted against the interest and then against the tax payable..
MAHENDRA KUMAR BAGRECHA
(FCA)
(1402 Points)
Replied 08 June 2009
| Originally posted by :shatrughan sinha | ||
| " | Dear Colleagues Suppose our Tds liability is Rs 100 & Interest thereon is Rs 20 & we have deposited Rs 115. Now my question is whether Tds deposited Rs 115 should be first set offs against Interest element of Rs 20 then the balance of Rs 95 should be set offs against Rs 100 or vice versa. what is the law behind this. Kindly clarify |
" |
Amount should be first adjusted towards interest and balance towards TDS amount
CAclubindia
