Dear Expert,
As per sec 16(2) proviso - If recipient fails to pay to supplier within 180 Days from the date of issue of invoice by supplier, ITC has to be reversed with interest.

My query is :
Will it be applicable in case of Debit Note (not Invoice) raised by supplier in Sep-21 but submitted to recipient in May-22 (after 180 Days).

Is recipient eligible to avail ITC on such supplementary as 180 days time limit crossed ?

Pls clear my ambiguity on sec 16(2) and Sec 16(4) -
As per sec 16(4) ITC is eligible till Nov-22 for bills related to FY 21-22.

We are trying to file TDS return online from portal - https://eportal.incometax.gov.in/, we are facing some issue . Can anyone update on this? If everyone is facing the same issue like us. We are not getting the option to file the TDS return.

what will be the consequences for not deposit of TDS on or before filing of ITR of company.

under which section rate of interest to be levied on delay deposit of TDS.

A partnership firm, which is a government contractor has sub-let work to one of its partners. The firm has also paid interest on this contract account dues. Is TDS applicable for the sub-let work and Interest payments made to the partner.

If one has missed out entering of some TDS in TDS Schedule in Return of 2021-22, but has duly included the corresponding income in relevant schedule, can he claim the same in Return for 2022-23?

Dear Sir\Madam,

My query is we have received fund on retrenchment like Gratuity, Leave encashment, Notice Pay & retrenchment charges.

So, we would like to know there is TDS applicable on above heads if salary amount is taxable.

Thanks & Regards,
Jitendra More

what will be the consequences for short provision made for Taxation of income tax .
or
also what will be the consequences for excess provision made for Taxation of income tax.

TDS deducted on short and excess provision , will be any consequences for short deduction of TDS.

PROVISION FOR AUDIT FEES ON 31ST MARCH RS. 60K, From XYZ Co.
(1)Whether below entry made are correct
On 31st March entry made
Audit fee A/c Dr.Rs. 60,000
To Provision for Audit fees Rs.54,000
To TDS on Professional Rs. 6,000
On receipt of invoice
Provision for Audit fees Rs. 54,000
To XYZ Co. 54,000
(2) if provision made 60,000 on 31st march but bills received 50,000
what entry should be passed after receiving invoice
(3) if provision made 60,000 on 31st march but bills received 70,000
what entry should be passed after receiving invoice.
Please reply.