TDS o provisional entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2010
Sir,
We have made provision for ocean freight and Agency charges payable to shipping agency on 31-03-2010(Bill are dated April and May 2010). Are we liable to deduct tds on that.
We have made provision for ocean freight and Agency charges payable to shipping agency on 31-03-2010(Bill are dated April and May 2010). Are we liable to deduct tds on that.
06 September 2010
Book the amount and Deduct TDS in financial yaer 10-11.
If your account has been finalsed and you have already booked the expenses the you have to deduct TDS on same in order to claim the expenditure. Further ask the party to give the bill dated in march 2010.
If your account has been finalsed and you have already booked the expenses the you have to deduct TDS on same in order to claim the expenditure. Further ask the party to give the bill dated in march 2010.
06 September 2010
If the expenses is related to last FY then it should be booked during last year only.
Further, since you have made a provision for such expense in the last year so TDS must be deducted in the last year only.
Even if the bill is current dated for services rendered during last year, expense & TDS should be accounted during last year only.
Further, since you have made a provision for such expense in the last year so TDS must be deducted in the last year only.
Even if the bill is current dated for services rendered during last year, expense & TDS should be accounted during last year only.
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