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.

Rupesh Jain

Rupesh Jain (Expert)
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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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