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Re: pertaining bill of 2011-12

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 May 2012 Dear Expert

I am accountant in Pvt Ltd Co. some cotractor send bill of pertainig F.Y. 2011-12. In which date of accounting entry?& What is TDS treatment? because TDS Return of 4th Quarter is filed. Please give solution.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
31 May 2012 Since the bill has been received in the current year, book the expense in the current year and also deduct TDS in the current year.
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VISHAL KUMAR SHAW

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VISHAL KUMAR SHAW (Expert)
31 May 2012 based on mercantile system of accounting, the service is rendered by the contractor in last year,hence the expenses must be booked in last year i.e.2011-12.

second, for tds , pls check whether the limit for deducting tds u/s 194c is crossed or not for that particular venor. furhter if it is crossed then pls deduct tds and deposit tds with intt as on today and revise the tds return for 4th qtr.
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