TDS Rate on previous year expense booked in current year
This query is : Resolved
08 January 2009
Hi
Case:
A vendor whose invoice has not been booked in FY 2006-07 & FY 2007-08 in our books i.e. expense were not booked in our accounts
TDS rate in those periods for the vendor was 1% BASIS SEC 197 (Lower Rate).
TDS Rate in FY 2008-09 is 2% BASIS SEC 197 (Lower Rate).
.
Now, while booking the above expenses of previous years, what should be the rate of TDS??
Thanks
Case:
A vendor whose invoice has not been booked in FY 2006-07 & FY 2007-08 in our books i.e. expense were not booked in our accounts
TDS rate in those periods for the vendor was 1% BASIS SEC 197 (Lower Rate).
TDS Rate in FY 2008-09 is 2% BASIS SEC 197 (Lower Rate).
.
Now, while booking the above expenses of previous years, what should be the rate of TDS??
Thanks
08 January 2009
Rate as applicable in the current year i.e. 2%.
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