Tds for the m/o- march 2012

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subhash singh

subhash singh (Querist)
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08 May 2012 Dear All,
For e-filing the ER1,who provide us the user name and password.plz clear this......

Vijay Mishra

Vijay Mishra (Querist)
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08 May 2012 Dear All,

Greetings !

We are in a service industry. If we receive the bills from our contractors for the period prior to March 2012 in May 2012, in this case what we are suppose to do regarding deposit of TDS, as the TDS was supposed to be deposited by 30th April only. Please clarify.... Thanks in advance.

Pankaj Patidar

Pankaj Patidar (Expert)
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09 May 2012 For online username and password u write a application with mention your ECC no. & Email ID to superintendent. You get one time login id & password on mail. After login you change your user name and password.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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09 May 2012 agreed with expert.

CA Ritu

CA Ritu (Expert)
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09 May 2012 Dear Vijay Mishra

You can deposit the TDS alongwith interest thereon.

If you had also submitted the return , then you have to revise it also.

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CA Mayank Chopra

CA Mayank Chopra (Expert)
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09 May 2012 Dear Vijay Mishra,

1) Since the contractor bill is for the period prior to March 2012, you should book it in the accounts in F.Y.2011-12 on estimated basis so as to avoid disallowance as prior period expense in next year.

3) Since the bill has not been recieved, you have to book the expense on an estimated amount in March 2012. Entry should be :

Expense A/c ....Dr.
To Provision for Expenses
(or expense payable)

4) As per Section 194C: deduct TDS at the time of credit of such sum to the account of the contractor or at the time of payment whichever is earlier.

5) Since we have not credited the account of contractor or made any payment, hence you are not liable to deduct TDS.

6) Further if you have deducted the TDS in March 2012 then same needs to be paid by 30th April 2012.

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CA Ritu

CA Ritu (Expert)
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09 May 2012 Yes

Mayank is absolutely right......

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