TDS

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2011 Co. X has made leave and license agreement with property owner. In the books of X co. accounting is done for every six months for rent.ie end of sep.and March and tds is deducted accordingly for 6mths(sept and Mar) and tds is deposited by 7th foll. the month of deduction? Is it a case of delay in depositing TDS?

CA Navin Jain

CA Navin Jain (Expert)

21 July 2011 if accounting is done at the end of six month then no delay in depositing in tds

Further also check what payment is come after six month or in advance if payment is come in advance then tds would also be deposited on advance payment received

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2011 thanks but still am having doubts.
in this case as per agreement rent is accruing every month but co.x is booking it after six months. Advance payment is also not made. Co.x point of view it is clearly outstanding liability at the end of every month.I think it is a case of delay also co. is doing wrong a/cing practice? Pls clarify

CA Navin Jain

CA Navin Jain (Expert)

21 July 2011 tds is deduct when expenses is booked or make advance payment whichever is earlier if u donot have make any entry in the books of accounts on the accrual basis then no fault of the tds

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2011 thanks a lot

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now