tds deduction
This query is : Resolved
16 April 2009
If a vendor is raising invoice up to the period 31.3.09 and Tds exemption granted to him is also up to the 31.3.09.but invoice of the same received after march what should be the right treatment?
should we consider tds exemption in April for the period up to 31.3.09? if yes why
should we consider tds exemption in April for the period up to 31.3.09? if yes why
16 April 2009
No you can't take the exemption certificate for next period as the expenses is pertaining to previous year.
In case if you the amount of bill as on the balance sheet date then you must make provision of it. So that atleast that amount will be counted for exemption & in case there is difference in bill amount & provision amount then make TDS deduction on balance amount.
It will give the benefit to both you & your vendor.
In case if you the amount of bill as on the balance sheet date then you must make provision of it. So that atleast that amount will be counted for exemption & in case there is difference in bill amount & provision amount then make TDS deduction on balance amount.
It will give the benefit to both you & your vendor.
16 April 2009
I beg to differ from Mr.Chetan if the following observations are correct.
Invoice is for f.y 08-09.
TDS exemption is for f.y 08-09.
Date of invoice is mar 09.
You have accounted in 08-09.
Tax need not be deducted though invoice dt mar 09 is received belatedly.
Invoice is for f.y 08-09.
TDS exemption is for f.y 08-09.
Date of invoice is mar 09.
You have accounted in 08-09.
Tax need not be deducted though invoice dt mar 09 is received belatedly.
16 April 2009
i agree with Mr. warrier
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Free lancer income
- Last year TDS Claim
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
