TDS Deduction On Provision

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2011 Dear Experts,

while closing book of accounts we have deducted TDs-194C from a bill which was provision for the f.y 10-11. Now due to some fault in billing we have to back reverse provision but not TDS amount because TDs amount has been deposited on due date. now same party is providing bill for the FY 11-12 can we adjust TDs amount of FY.10-11 with the tds liability of FY 11-12.

Thanks

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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30 April 2011 NO WAY U BETTER ISSUE TDS CERTIFICATE OF ENTIRE AMOUNT DEDUCTED
THE PARTY CAN CLAIM REFUND

CA MANOJ GUPTA
JODHPUR
09828510543

NITIN SABOO

NITIN SABOO (Expert)
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30 April 2011 its is also suggested to go through circular no. 2/2011 dt. 27/04/2011 which deals with refund of tds amt deposited, however issuing tds certificate is better solution as it doesn't require and further administration complications.

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