TDS-Outstanding Exps
This query is : Resolved
K V Subba Rao
(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
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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