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.
Rupesh Jain
(Expert)
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.
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