Tds

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 If I am booking an invoice received and deducting tax thereof on 31st March,and later on that transaction is cancelled, then what is the remedy for TDS paid to Government? please reply as soon as possible.. Thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 then only way is to seek for refund while they file itr/

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 How will I seek refund of Tax deducted by me of some other party in my return?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 if you have deducted tds then they shall claim in their return

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CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 March 2015 ask for the payment from the said party...

because party wil definitely can get the credit... so u can ask for the payment from the party

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 What about director remuneration? If I accrue it and then don't pay next year due to insufficiency of funds?

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 March 2015 r u asking about tds on it..??

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 TDS n what will be effect on entry made for director's remuneration if i DONT PAY?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 If you refer sec 194J ( incase its not remuneration- salary to directors) then even on accrual basis u need to deduct tds and insufficiency of funds cannot be accepted as a reason for escaping the statutory liability and later when u deduct and pay tds then u need to also pay applicable int on same.

http://www.studycafe.in/p/the-newly-inserted-clause-1ba-of-194j.html

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 March 2015 if you wil not pay thats not a issue... liability wil stand there in balancesheet...

now tds wil b deducted on said remuneration u/s 194 j @ 10 %

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 March 2015 i had said this regarding non payment of director remuneration not the tds amount...

Dont mis understood...

i thought u talking abt non payment of director remuneration only...

u had to pay tds dear

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 Why 10%? I am treating him as my employee only..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 if there is employee - employer relationship and you are paying the director remuneration in form of salary then sec 192 shall be applicable.

That is why i wrote above in brackets that its not remuneration in form of salary.

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 and what if I reverse any expense next year? Will it be treated as my income?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 if you treat some item as exp actually that is first a part of income which was showed as exp on claiming in profit and loss a/c say printing charges but suppose you reverse this entry which simply means such priniting charges not incurred and it will be income only.

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