194-I TDS deduction
This query is : Resolved
18 June 2016
rent bill of April 16 to June 16 received in June 16 ( combined of 3 months ) and payment is also made on june of 3 months when will liability arise of tds is there any interest payable for April and May month ?
CMA Ramesh Krishnan
(Expert)
18 June 2016
Bill receipt is different actual expenses related to April and May has to be booked as provision under accrual concept so while creating provision itself need to deduct TDS. TDS apply accrual or payment which ever is earlier
19 June 2016
Month on month you have to debit the expenses and accordingly make provision for those expenses and thereby deduct tax at source. Based on entry in the books you must remit the amount to the government within the due date. Liability to remit would be earlier of entry made in the books or on actual payment.
29 June 2016
Hi TDS has to be paid on Accrual basis, in your case TDS for April & May has to be with Interest.
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