About tds--urgent help very imp

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This query is : Resolved

CA Aditya (Querist)

30 April 2012 Dear Experts,

We have received a invoice for Mar-2012 and its not been booked in TALLY.

Now i have make payment. Now please advice me :

1) first how should I account in system as this is mar'12 dated invoice.
2) If I account now with 12-MAr-12 then i should pay interest,,, i.t TDS interest or
2) is there any optins open to me to overcome this situavation apart from Asking NEW INVOICE..

Best Regards

Ram Ji Srivastava

Ram Ji Srivastava (Expert)

30 April 2012 you can accounted the said bill on 31.03.12 (may be have no problem to entry the said bill in Tally as it is the financial end n you have no problem to booking the bill in tally) and deducted TDS accordingly as for Mar,12 qtr TDS deposit date is 30.04.12 so you can deposit the tds without any interest payment and book the said bill easily.

CA Aditya

CA Aditya (Querist)

01 May 2012 Dear,

Today is 1st May so by moth of april i suppose to remit the TDS.

If i bill with 31-03-2012 what about the TDS implications? should i pay interest?
if yes how much...?

Ram Ji Srivastava

Ram Ji Srivastava (Expert)

01 May 2012 you have to deposit interest for 2 month @ 1% per month on the said tds amount.

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