Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Income Tax > TDS >

TDS for F Y 2006-07 & deducted on 08.06.2007

    Post New Topic
Pages : 1





Professional


[ Scorecard : 105]
Posted On 09 June 2007 at 06:13 Report Abuse

Dear All Member
 
We have received one labour charges bill for rs. 35000/- and one professional fees bill for Rs. 22500/- dt 31.03.07 received on 7the June 2007 pertaining to    F Y 31.03.2007. My queries are...
(1)  Shall I Pay TDS now (June 07) and get as a allowable exp for the             
      F Y 2006-07 ?
(2)  If the answer (1) above is "NO" than what will be the procedure/law so I can
     get as a allowable exp. for F Y 2006-07. 
 
Pl dear member give me a solution AT MOST URGENT (Because TDS Annual return due date is 15 june 07)
 
Regards
Rajen
 

 

 


Online classes for CA CS CMA



Sumit


[ Scorecard : 33]
Posted On 09 June 2007 at 15:36

i think you should deposit TDS amount with one month interest because tds on payment credited on 31/3/2007 shall be deposited up to 31/5/2007 and now u r late so deposit tax with interest and filem return on 15th june. As tax is deposited before filling of return so will be allowed in A.Y 2007-2008.




Asaithambi S
CA


[ Scorecard : 50]
Posted On 10 June 2007 at 01:47

My opinion is that those expenses will be disallowed during the current financial year and will be allowed in the year in which you pay tds.



Rajesh Bajaj


[ Scorecard : 428]
Posted On 10 June 2007 at 23:41

you should deposit TDS with interest. You have to pay simple interest at the rate of 12 per cent per annum from 1st june 2007 to till the date of actual payment in terms of Section 201. TDS return cannot be submitted unless interest for late deposit of TDS is paid



Prakash Chandra Verma
ca


[ Scorecard : 34]
Posted On 11 June 2007 at 03:29

Expenses of the previuse year is not deductible in the current year. However payment of bill received is to be made with deduction of TDS. I find there no link between TDS and Deduction of exepnditure.



guest


[ Scorecard : 22]
Posted On 11 June 2007 at 03:53

Did you not provide for these expenses as on 31.03.2007? like labour expense/professional expense payable?


There are 5 Replies to this message





Related Files








Related Threads


Post your reply for TDS for F Y 2006-07 & deducted on 08.06.2007



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.




Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top