TDS query ---Urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 July 2010
Thanks in advance!!!
Suppose in the F>Y 2008-09, i forgot to deduct the TDS of Rs. 10,000/- on the payment of Rs. 1 Lac on account of Rent Payment.
Later on 2009-10 i deduct the TDS on 31.03.2010 and deposited the same on 7.04.2010
queries:(A) The whole rent amount would be disallowed by IT department if yes under which section?
(B) How can i deduct the TDS from Party as i have fully paid the amount and no further transaction with him.?
(C) if party is ready to pay the TDS amount in cash/cheuqe to me then what would be the entry in books??
(D)in which year the disallowed expenses would be allowable and under which section?
Suppose in the F>Y 2008-09, i forgot to deduct the TDS of Rs. 10,000/- on the payment of Rs. 1 Lac on account of Rent Payment.
Later on 2009-10 i deduct the TDS on 31.03.2010 and deposited the same on 7.04.2010
queries:(A) The whole rent amount would be disallowed by IT department if yes under which section?
(B) How can i deduct the TDS from Party as i have fully paid the amount and no further transaction with him.?
(C) if party is ready to pay the TDS amount in cash/cheuqe to me then what would be the entry in books??
(D)in which year the disallowed expenses would be allowable and under which section?
CMA Ramesh Krishnan
(Expert)
23 July 2010
All your queries covered under sec.40(a)(ia) and while paying tds debit the party and credit Bank, after receiving the cash or cheque from party, credit party and debit bank
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