tds
This query is : Resolved
priyanka s. patil
(Querist)
28 December 2009
Dear expert,
please explain me treatment of TDS in following situations :-
1) If I deduct TDS on a bill dated 31/3/xxxx but pay it to govt in June XXXX. will it be allowed as a expenditure? My due Date of return is 30/9/xxxx.
2) I have a contract with clearing & forwarding agent. I store my machineries in his wearhouse. He also incurrs maintainance & repairs exp. of my machineries. But he gives me bill for combined amount of rent & other exp. In this situation whether should I deduct TDS u/s 194C or 194I
please explain me treatment of TDS in following situations :-
1) If I deduct TDS on a bill dated 31/3/xxxx but pay it to govt in June XXXX. will it be allowed as a expenditure? My due Date of return is 30/9/xxxx.
2) I have a contract with clearing & forwarding agent. I store my machineries in his wearhouse. He also incurrs maintainance & repairs exp. of my machineries. But he gives me bill for combined amount of rent & other exp. In this situation whether should I deduct TDS u/s 194C or 194I
CMA Ramesh Krishnan
(Expert)
28 December 2009
1. For the Bill DT.31.3.2009 TDS should pay 31.5.2009 but if we pay before 30.9.xxxx i.e.Tax audit report date the relevant expenses allowed
2.You have to deduct the TDS under Sec.194I if the bill not provided separatly
2.You have to deduct the TDS under Sec.194I if the bill not provided separatly
28 December 2009
Dear priyanka,
1.If you deposit TDS before filing of return of income, expenditure will be allowed but you should deposit TDS with interest.
2. You should deduct TDS u/s 194I.
1.If you deposit TDS before filing of return of income, expenditure will be allowed but you should deposit TDS with interest.
2. You should deduct TDS u/s 194I.
Murtaza I Bhagat
(Expert)
28 December 2009
yes agree with both experts
add to mahendra 1.Int @ 1% pm or part of mth from the date on which tax was deductible.
add to mahendra 1.Int @ 1% pm or part of mth from the date on which tax was deductible.
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