Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
01 January 2011Can we pass the following entries wihout deducting the TDS in books
Brokerage A/c Dr
To Brokerage Payable
And TDS will deduct in the month of Marach partywise.
Thanks
ROHIT CHATURVEDI
(CA Final Student )
(2298 Points)
Replied 01 January 2011
As far as my concern,
The answer is no because TDS is deducted at the time of credit to 'Payable Account' or the date of payment whichever is earlier
Vivek Raju P
(Manager)
(614 Points)
Replied 02 January 2011
TDS is to be deducted at the time of maikng payment or credit to the account of the sum to the vendor or passing the entry to a suspense account. In the case of Brokerage Payable, this is a suspense account. So there is no case of non deduction of TDS.
Not much help is available for not deducting TDS,
shijin
(articled assistant ca final )
(72 Points)
Replied 02 January 2011
The answer would be know.. TDS should be deducted on making payment or passing entries in the books of accounts whichever is earlier
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 02 January 2011
| Originally posted by : Deepak Tapse | ||
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Can we pass the following entries wihout deducting the TDS in books Brokerage A/c Dr To Brokerage Payable And TDS will deduct in the month of Marach partywise. Thanks |
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you can defer the tds till march with simple trick, if TDS amounts are little and not of regular nature,
make advance payment to the receipent in rounded off to 100 and finalize the account in march with taking advance in consideration and making TDS payment. coz unless u account the amount to commission or brokerage, TDS payment does not arise, but u can keep the amount {round up only) in advances and adjust in march .
as the above trick works only for not regular TDS, if u pay exact amount and no cash/bank transaction takes place for the head while TDS is payable, then it would account for evasion.
CAclubindia
