TDS

This query is : Resolved

Pankaj Jhawar (Querist)
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12 April 2010 Whether TDS is required to be deducted when quaterly accounts are prepared and provision for interest is made but the same is reversed on the next day

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 April 2010 NO.

Pankaj Jhawar

Pankaj Jhawar (Querist)
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12 April 2010 Request you to plz provide the reasons for your comment

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 April 2010 Dear Pankaj,

TDS shall be made at the time of payment of the interest or credit to the account of the payee whichever is earlier. However, TDS once made on payment should not again be made on the same amount at the time of credit and vice versa. Since you are reversing the entry you are not required to deduct TDS. It should be deducted either at the time of payment or to the account of the payee.

Regards

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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12 April 2010 since int. is not charged to revenue,and you are making prov entries for your internal adjustments, so tds is not to be deducted.

CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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12 April 2010 Agreed

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