Tds
This query is : Resolved
26 May 2016
Sir,
I think TDS is applicable on payment basis only in case of Salary.
Suppose - Salary for the month of March is paid in June
March
Salary Expenses Account Dr. 10000
To Salary Payable Account 10,000
June
Salary Payable account Dr. 10,000
To TDS Payable 1,000
To Employee/ Bank 9,000
On or Before 07-July
TDS payable Dr. 1,000
To Bank 1,000
Suggest me Wheather i am right or Wrong.???
As TDS will be applicable only at the time of Payment and Liability for TDS will be arised only on Payment Basis.
I think TDS is applicable on payment basis only in case of Salary.
Suppose - Salary for the month of March is paid in June
March
Salary Expenses Account Dr. 10000
To Salary Payable Account 10,000
June
Salary Payable account Dr. 10,000
To TDS Payable 1,000
To Employee/ Bank 9,000
On or Before 07-July
TDS payable Dr. 1,000
To Bank 1,000
Suggest me Wheather i am right or Wrong.???
As TDS will be applicable only at the time of Payment and Liability for TDS will be arised only on Payment Basis.
26 May 2016
yes under 192 tds will collected or deduct on salary when you make payment of salary as per income tax act .
26 May 2016
Wheather above entry is correct or not??
26 May 2016
above entry is correct.
26 May 2016
But how can the employee get the credit of TDS for the financial Year for which TDS is Charged!!!
26 May 2016
Salary has to be booked on accrual basis, so expenses to be booked in March for same if Tds is applicable same to be deducted on March month. Not on payment basis.
Above entry is wrong as per tds is applicable either booked entry or payment entry whichever is earlier.
Above entry is wrong as per tds is applicable either booked entry or payment entry whichever is earlier.
26 May 2016
If payment is made in june then obviously i have to pay interest from March to June. Then what is the benefit of "Making TDS applicable on payment Basis"
26 May 2016
Above case even you make payment on June, To claim expenses you have to make tds provision for March, etds to be filed for 4 th quarter by 15th of May. Otherwise 234E 200 per day or tds amount of quarter whichever is less to be paid additional to interest.
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