Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2016
WE HAVE PAID LABOUR JOBWORK PAYMENT RS 200000/- IN ONE FINANCIAL YEAR TO PROPRIETORSHIP FIRM BUT WE FORGET TO DEDUCT TDS @ 01%. AT THE TIME OF AUDIT WE DEDUCT TDS @ 01% FOR RS 2000/-. PAYEE (PARTY FROM WHOM WE PURCHASE JOBWORK DOES NOT WANT TO PAY RS 2000/- AMT OF TDS.)
NOW CAN WE DEBIT THIS TDS RS 2000/- AS A EXPENSE AS A TDS EXPENSE IN P & L. IT IS ALLOWABLE EXPNESE IN INCOME TAX OR DISALLOWABLE EXPENSE. SUPPOSE WE WANT TO CLAIM THIS RS 2000/- AS EXPNESE WHAT SHOULD BE ACCOUNTING AND INCOME TAX TREATMENT. PLEASE ADVICE.
NOW CAN WE DEBIT THIS TDS RS 2000/- AS A EXPENSE AS A TDS EXPENSE IN P & L. IT IS ALLOWABLE EXPNESE IN INCOME TAX OR DISALLOWABLE EXPENSE. SUPPOSE WE WANT TO CLAIM THIS RS 2000/- AS EXPNESE WHAT SHOULD BE ACCOUNTING AND INCOME TAX TREATMENT. PLEASE ADVICE.
22 June 2016
you can debit the exp of labour for that tds amount, your job work exp. will be allowed under the income tax act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Share accounting-->fifo - capital gain - period as per fifo?
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Article ship defecit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
