TDS under section 195
This query is : Resolved
11 June 2010
Hi Gentlemen,
Case is:
on 11th Aug.09, Comapny furnished information in Form 15CA mentioning TDS Amount 601 pound(Rs. 15000 approx. in INR) and on 18th Aug 09(Date of transaction), it booked entries in its books TDS Amount of Rs.14500 in INR as deducted because of difference of exchange rate And deposited the same Rs.14500 to govt. In company notes to Accounts, it is written that Foreign exchange transactions are recorded at the exchange rates prevailing on the date of the transactions.
So is the above TDS amount deposited is correct or ahould it match with Amount of TDS deducted in INR in Form 15CA. Suggest.
Thankx,
Kumod
Case is:
on 11th Aug.09, Comapny furnished information in Form 15CA mentioning TDS Amount 601 pound(Rs. 15000 approx. in INR) and on 18th Aug 09(Date of transaction), it booked entries in its books TDS Amount of Rs.14500 in INR as deducted because of difference of exchange rate And deposited the same Rs.14500 to govt. In company notes to Accounts, it is written that Foreign exchange transactions are recorded at the exchange rates prevailing on the date of the transactions.
So is the above TDS amount deposited is correct or ahould it match with Amount of TDS deducted in INR in Form 15CA. Suggest.
Thankx,
Kumod
11 June 2010
As per rule 26 of IT Act the rate of exchange has to be taken on the date on which TDS is required to be deducted, not the date on which it is deposited, so in your case it sahould have been Rs 15000 which should have been deposited as TDS not Rs. 14500
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