04 March 2015
Hi All Bill date 17/6/2014 U/s 194J amt 1.14lacs for F.Y. 2012-13 & 2013-14 payment made 18/11/2014 without tds deduction, If i want to deduct & pay in March interest should b @1% / 1.5% ??????????? thnx
04 March 2015
For late payment also you have to pay interest @ 1.5% per month or part of the month from the date of deduction to the date of actual payment.
04 March 2015
Sanjay Sir 1) Expenes are Pertaining to F.Y. 2012-13 & 13-14. 2)Bill date is 17/6/2014 & payment 18/11/14 3)tds not deducted. Therefore shall i deduct tds on payment basis in March 2015 with interest @1% ?????????????
04 March 2015
See TDS should be deducted on the date of payment or credit whichever is earlier. In your case you should have deducted TDS on 18/11/2014 assuming credit was made on same day. So from 18/11/2014 till date of deduction interest to be paid on late deduction of TDS. So in this case interest of 5% for 5 months to be paid.
04 March 2015
ok got cleared. but the expeneses are of F.Y.2012-13 & 13-14 paid in 14-15 without any provision so will the expeneses b disallowed by the IT Deparment as prior period expenses???? plz clarify thnx
04 March 2015
Thnx Sanjay Sir Asper the Sec 28 (1), the prior period expenses are disallowed, if u don't make provision.My CA is doing this every year, bt he is not reay to accept the fact, he says its's allowed unless & until u r not claiming the same twice. Is it right to do so in d Mercantile accounting system???????????? plz reply soon if u can. thnx
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