Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2012 our vender have given the bill late, we received the bill in July. & this is June month bill. hsould we have to show this in June quarter returne.
what if when we have paid the bill in advance to vender in month of June.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 July 2012 1. Since the bill has been received in the month of July, you should book the invoice in the month of July only.

2. TDS is required to be deducted at the time of payment or credit, whichever is earlier.

In this case, TDS was to be deducted at the time of advance.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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11 July 2012 TDS must be deducted on advance or credit the party which is earlier. in your case you must deduct TDS in June.
Bill can be of July. you must see if bill is of full advance amount or excess. if bill is excess then advance amount then you must deduct TDS on rest of amount in July.

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