tds
This query is : Resolved
himansu kumar samal
(Querist)
21 December 2010
can Tax be deducted at source in current financial year on rent due to pay in earlier financial year? & issue TDS certificate for earlier year rent payable IN CURRENT FY.
21 December 2010
1. Earlier years rent (If provided for in the earlier years balance sheet) can be paid in current year also but TDS was the liability of that year only.
2. If no provision made for Rent in the previous year, this will be prior period expense and will be disallowed (No need to deduct and pay TDS, as its already been disallowed due to different reason)
3. If case is as per (1) above, TDS certificate should be given:
(i) if TDS was deducted in previous year: Certificate in previous year only.
(ii) If deducting TDS in current year: Certificate can be given in current year only.
2. If no provision made for Rent in the previous year, this will be prior period expense and will be disallowed (No need to deduct and pay TDS, as its already been disallowed due to different reason)
3. If case is as per (1) above, TDS certificate should be given:
(i) if TDS was deducted in previous year: Certificate in previous year only.
(ii) If deducting TDS in current year: Certificate can be given in current year only.
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21 December 2010
agreed woth expert
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