14 April 2008
YES CHAPTER XVII OF INCOME TAX ACT UNDER COLLECTION AND RECOVERY OF TAX IN SEC 190(1) STATES THAT "NOT WITHSTANDING THAT THE REGULAR ASSESSMENT IN RESPECT OF ANY INCOME IS TO BE MADE IN A LATER ASST. YEAR ,THE TAX ON SUCH INCOME SHALL BE PAYABLE BY DEDUCTION AT SOURCE OR BY ADVANCE PAYMENT AS THE CASE MAY BE...' THIS IS FURTHER EMPHASISED BY PROVISIONS UNDER TDS THAT ANY PAYMENT MADE OR CREDITED TO EVEN SUSPENSE ACCOUNT OF THE PARTY ON A PAYMENT LIABLE FOR TDS IS TO BE SUUBJECTED TO TDS. HENCE EVEN IF WE PAY AN ADVANCE TO A PARTY IN RESPECT OF PAYMENTS THAT ARE LIABLE TO TDS,WE NEED TO MAKE TDS. R.V.RAO
I have querry on Hard and soft closure of financial statments posted at experts querry(Accounts Catergory). I wanted to know what is the meaning of hard and soft closure of Financial statements.
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