If service is provided in Oct, 2009 & bill is raised in April, 2010 and payment is made in May, 2010 after deducting TDS then when to pay TDS to TDS Authorities? Is there any need to make provision for TDS in March, 2010?
2 Replies
Hitesh Kothari
(Chartered Accountant M.No. - 134239)
(326 Points)
Replied 11 August 2010
Dear Kanchan,
IIf you have made provsion for exp as on 31/03/ 2010 in the books of accounts then you are liable to pay the tax in the FY 2009-10, time limit for depositing the tax to Govt has been extended till the date of filing the income tax return. Now deposit the tax and you will be able to claim the exp in the Income tax return of PY 2009-10.
If provision has not been made as on 31/03/2010 then the date for depositing the TDS to the Govt will be 7th of next month in which amt so pid or Credited in the Books of accounts.
Since you need to maintain Books of Accounts on Mercantile basis/Accrual Basis you you need to provide the said exp in the books as on 31/03/2010.
Regards
Hitesh
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