Rakesh Bhalotia (Accountant) (97 Points)
22 July 2011We have a mines and we have hired dumpers and giving some work to sub contractors. The subcontractors raised bill to us quarterly in date of quarter end i.e. 30.06.2008. But we have got the bill after 15th of next month i.e. 15.07.2008. So that we could not deposit the TDS on due time. I want to know that in this case Sec. 201(1A) is applicable in F.Y. 2008-09.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 22 July 2011
if you have received the bill on 15/7/08 and entered in books of account and deducted tax and paid within 7/8/08, there is no problem.
Rakesh Bhalotia
(Accountant)
(97 Points)
Replied 22 July 2011
we have received the bill dt.30.06.2008 after 15th of next month but we have credited the bill on 30.06.2008 and on that day we have deducted the TDS too. The same process applied in quarterly TDS return too. The AO has issued a showcause u/s. 221(1) of the I.T. Act 1961. I want to to know that there is any way out and if possible give me the details of this act completely.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
