recognition of bill
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2010
a limited company received a bill for 2500000 in the month of august 09 in respect of contract expense relating to may09 but the company recognise the bill in the month of december 09 and deduct tds .the contention of the co. is that it has received the bill in december . so it has booked the bill in december and deducted tds. whether the company is right in booking the bill at the time of receiving the same. if the company is right please give reference.
30 June 2010
As per the Act TDS need to deduct on payment or crediting to the ledger which ever is earlier. it doesn`t ask when you received the bill. based on that when you made the payment or crediting the party ledger which ever is earlier you deduct the TDS
30 June 2010
If the Bill recognation part when the actual work has taken place the same period need to provide atleast provision
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