30 March 2015
If I am booking an invoice received and deducting tax thereof on 31st March,and later on that transaction is cancelled, then what is the remedy for TDS paid to Government? please reply as soon as possible.. Thanks
30 March 2015
If you refer sec 194J ( incase its not remuneration- salary to directors) then even on accrual basis u need to deduct tds and insufficiency of funds cannot be accepted as a reason for escaping the statutory liability and later when u deduct and pay tds then u need to also pay applicable int on same.
30 March 2015
if there is employee - employer relationship and you are paying the director remuneration in form of salary then sec 192 shall be applicable.
That is why i wrote above in brackets that its not remuneration in form of salary.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
30 March 2015
and what if I reverse any expense next year? Will it be treated as my income?
30 March 2015
if you treat some item as exp actually that is first a part of income which was showed as exp on claiming in profit and loss a/c say printing charges but suppose you reverse this entry which simply means such priniting charges not incurred and it will be income only.