Tds on provision for expenses
This query is : Resolved
06 March 2014
I had a general query.
Cam anyone would please tell me what was the exact tds provision for deduction and payment point in case of TDS booked on provision figures.
For Eg. if provision for rent expenses was done on monthly basis and tds was also booked on monthly basis but the same should was paid to department on 6 month basis, when the rent was actually paid on the basis of invoice or debit note received.
Is this treatment correct??
Hoping for a positive revert.
Thanks And regards
Pragya Gupta
Cam anyone would please tell me what was the exact tds provision for deduction and payment point in case of TDS booked on provision figures.
For Eg. if provision for rent expenses was done on monthly basis and tds was also booked on monthly basis but the same should was paid to department on 6 month basis, when the rent was actually paid on the basis of invoice or debit note received.
Is this treatment correct??
Hoping for a positive revert.
Thanks And regards
Pragya Gupta
06 March 2014
1. As per Section 194-I TDS is required to be deducted at the time of payment or credit, whichever is EARLIER.
So, TDS is required to be deducted at the time of provision for rent.
2. TDS once deducted has to be paid by 7th of the succeeding month.
So TDS had to be deposited by 7th of succeeding month. TDS payment at the tiome of rent payment is NOT in accordance with the law.
You will have to pay interest for late deposit of TDS.
So, TDS is required to be deducted at the time of provision for rent.
2. TDS once deducted has to be paid by 7th of the succeeding month.
So TDS had to be deposited by 7th of succeeding month. TDS payment at the tiome of rent payment is NOT in accordance with the law.
You will have to pay interest for late deposit of TDS.
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