tds on contracts

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This query is : Resolved

ramesh vadnala (Querist)

11 February 2008 during the last year we have not deducted tds on contracts on of our creditors. can we deduct tds on last year bills during the year, if yes wat about returns submitted already? pl help..

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

11 February 2008 if tds is not deducted the whole expenditures are disallowd if you deduct tds in this year then it is allowed in this year. if you take deduction this year then you will submit revised retun. if total contract is greater than 50000/-
in the year or rs.20000/-or more at a time then you will deduct tds

ramesh vadnala

ramesh vadnala (Querist)

11 February 2008 Thank u

jegannath G

jegannath G (Expert)

11 February 2008 Yes you can deduct the TDS during this year & issue the form 16A mentioning the last assessment year. You should file a revised TDS return for the particular quarter.

R.V.RAO

R.V.RAO (Expert)

11 February 2008 YES , YOU CAN DEDUCT LAST YEAR TDS ON CREDITOR BILLS IN THIS YEAR PROVIDED YOU FILE REVISED QRTRLY TDS RETURN FOR THAT QRTR AND YOU ARE TO TAKE CREDIT FOR TDS DURING THE YEAR OF DEDUCTION.
R.V.RAO

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