Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 On a provision we deduct TDS and pay it. But what if we forgot to book provision and book the expense on actual receipt of bill in subsequent year.

1. TDS deducted paid in A.Y.13-14. received bill in A.Y.14-15 to be specific March-14.

2. Can i book in March 14, but my TDS challan is of A.Y.13-14. I have not included this transaction even in TDS return of that period. Can i include in the TDS return when i book. So against the deductee amount is will match challan of A.Y 13-14

Rupesh Jain

Rupesh Jain (Expert)
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24 June 2014 you have to book expenses in related years. and TDS also deducted in retaliated year.

if you deposit the TDS in wrong year then you can rectify to apply with AO and then file the revised TDS return with modified challan.

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 Related year F.Y.12-13 is already closed.
Can claim this expense in F.Y.13-14?

How i will solve TDS return, because in F.Y.12-13 the TDS return did not include this entry, but i am having challan separately paid for this expense of F.Y.12-13

Rupesh Jain

Rupesh Jain (Expert)
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24 June 2014 you can not claim the exp. of previous year in current year. you have to book in prior period exp.
you can file the return and claim the challan and you can claim the exp. under the income tax act in related year but in books this is prior period exp.

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 Ok as i understood from the above:

1. I will book as prior period expense

2. I will revise the return of F.Y.12-13 with the available correct challan of that year

But then prior period expense in F.Y.13-14
will be disallowed? correct

Querist : Anonymous

Querist : Anonymous (Querist)