Interest on tds

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vishal agarwal (Querist)
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09 May 2012 Dear sir,

If a company have deducted TDS on 31.01.2012 i.e. in FY 2011-12 but deposit the same in may 2012 i.e. FY 2012-13. Then should company make accounting entry of interest on TDS in FY 2011-12 or in FY 2012-13 and also how will this accounting entry will effect income tax return of FY 2011-12 i.e. AY 2012-13.

Plz reply soon.

Regards,
Vishal Agarwal
email-vishalagarwal1991@gmail.com

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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09 May 2012 The entry should be made in the year FY 2012-2013 i.e. in the month of May 2012. The effect of this entry is that in either case, even if it booked in 2011-2012 or 2012-2013, the interest shall be disallowed.

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vishal agarwal

vishal agarwal (Querist)
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09 May 2012 Dear sir,

If company book the entry of interest on TDS in this FY than should the Income tax return of 4th quarter be revised nor not.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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09 May 2012 Please rectify the question . I think you are talking about TDS Return. The TDS return should include the details of interest. But for accounting, the entry shall appear in the F.Y. 2012-2013.

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