TDS Rate on previous year expense booked in current year
This query is : Resolved
Ashish Ashra
(Querist)
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
CA Tilak Raj Sharma
(Expert)
08 January 2009
Rate as applicable in the current year i.e. 2%.
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