tds
This query is : Resolved
22 August 2009
Q1. tds is deducted on payment basis in the case of salary.
if yes then wat should i do in case of director`s salary payable.
Q2. if chartered accountant maintain accounting concept on cash basis but his client deduct tds on the fees payable on his book.The client issue tds certificate to the chartered accountant and he claim the tds on that financial year but he did not received any payament from dat client. The conecpt is right or wrong.
if yes then wat should i do in case of director`s salary payable.
Q2. if chartered accountant maintain accounting concept on cash basis but his client deduct tds on the fees payable on his book.The client issue tds certificate to the chartered accountant and he claim the tds on that financial year but he did not received any payament from dat client. The conecpt is right or wrong.
CA.Tarun Maheshwari
(Expert)
22 August 2009
1. Directors salary is also treated as normal salary. TDS shall be decuted accordingly. Make it due every month, but deduct TDS at payment time.
2. Concept is right. What is practically done is that TDS amount only is treated as the Income recieved during that year. eg., if Income to be rcvd is Rs.100000/- and TDS deducted Rs.10000/-, then Rs 10000 shall be treated as Income of that year. and rest of income, when it is actually recieved.
2. Concept is right. What is practically done is that TDS amount only is treated as the Income recieved during that year. eg., if Income to be rcvd is Rs.100000/- and TDS deducted Rs.10000/-, then Rs 10000 shall be treated as Income of that year. and rest of income, when it is actually recieved.
23 August 2009
2. In the second answer according to u traun sir we have to provide payment of tds amount deducted.
CA.Tarun Maheshwari
(Expert)
24 August 2009
Yes. But let me clarify to you there are difference of opinions on this method. But still, majority of the CA firm itself following this method. Even our CA firm is also following the same treatment. So you may get some other opinions too on this matter. Pls dont get confused on difference of opinions.
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