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Urgent

CA SANDEEP OJHA (CA IN PRACTICE) (132 Points)

29 January 2010

Dear all 1)when client PAy rent to LIC Tds on it should be Deducted OR not 2)When Computer purchased Tds on it Should be deducted or not IF deducted on What rate 3)What is the Effective Date of change in PT salb of MAharashtra 4)in any organisation Cash OR accural System both can be followed or not Please Reply Its Urgent THANKS

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2 Replies

P. Raja (Manager Finance & Accounts) (198 Points)
Replied 29 January 2010

Only Cash or Merchantile system can be followed Rent attracts TDS Computer purchases do not attract TDS Regards P. Raja

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CA. Rajesh P. Ahir (In Service @ PSU) (687 Points)
Replied 29 January 2010

Ans 1) TDS is deductible in this case U/s 194i @ 10% for all ( 20% from 01/04/2010) 2) TDS is NOT deductible in this case 3) can you help me to know what you mean by PT 4) Cash OR accural System both if used it is termed as Hibrid System of Accounting. Hibrid System of accounting is not recognosed.(Should not be used)