Accounting treatment of interest on tds
This query is : Open
CA MONIKA GOENKA
(Querist)
30 May 2012
Interest liability on TDS for the year 2010-11 is arises in the financial year 2011-12 and such interest payment is made in the same financial year. whether such expenses are booked under prior period expenses or under Interest on TDS... Please Reply as early as possible
CA Harish Suwalka
(Expert)
30 May 2012
interest should be provided in the year it has been accrued
CA MONIKA GOENKA
(Querist)
01 June 2012
is is not the correct treatment to transfer the interest of the previous year to prior period and the interest which is due in the current period till date the TDS actually paid to the current year expenses.??
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