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TDS-Outstanding Exps

This query is : Resolved 
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(Querist)
28 May 2011 For almost all the Expenses relating to FY 2010-11, we passed the Bills and incorporated in the Accounts for FY 2010-11; remitted TDS and also submitted the TDS Return for QE 31st Mar 11

However, few Bills relating to FY 2010-11 could not be passed on time for want of data required to pass the Bills; hence TDS was not remitted before the due date, viz., 30th Apr 11.

If we pass the Bills and incorporate Expenditure now in FY 2011-12, the same would be categorized as Prior Period Expenditure and disallowed in assessment relating to FY 2011-12.

Our Accounts for FY 2010-11 are still open. Hence we propose to—

(a) Incorporate Outstanding Expenses JV in FY 2010-11;

(b) Remit TDS in Jun 11 with required Interest;

(c) Revise TDS Return for QE 31st Mar 11; and

(d) Include the above in Certificates to be issued for QE 31st Mar 11

Please advise whether above course of action is correct
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Battu

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Battu (Expert)
28 May 2011 your action is 100% correct
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