24Q Q4 Tds demand

Quick Summary
This discussion explores the reasons behind TDS demands in 24Q Q4, even when TDS payments and regular statements were filed on time. Participants discuss potential causes such as data entry errors, incorrect handling of the Section 87A rebate, and discrepancies arising from government organisations using an internal financial year (March-February) for salary reporting instead of the standard April-March financial year. The conversation highlights the importance of checking justification reports and Form 16 for accurate data.

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May I know under which circular or notification on which the CBDT or any relevant authorities have issues such cirular regarding taking suo motto or unilaterally Internal Financial Year For TDS For Government Companies i.e., March To Feb???

Also if we talk about the general accounting assumptions which was duly followed while framing any laws or regulations then the Financial Statements on account of above wouldn't be comparable.

Also as per the law of section 194 regarding TDS, The Word, "AMOUNT PAID/CREDITED OR DUE WHICHVEVER IS EARLIER" is there.

 

Then could your please tell me any circular with valid statements at the outset of above statements Mr. Eswar Reddy S - As I am also an Internal Auditor for Government Company and I am facing this issue which as far as the concepts are concerned - Wrong I guess???

It's not govt company but local authority.

Accounts have to be placed before parliament by March .

So they consider the year as March to February.

Then your must be cautious with your words while posting information or views as I can see that you holds a valuable and a credible personality on this platform.

Anyways I am still unresolved as I didn't received a credible notification or circular duly authorized by the Govt. Of India or any Govt. Authorized Authorities or Regulators or even an Act of Parliament.

Request you to please share that as you might know that in our field of practice ONLY WRITTEN INFORMATIONS WHICH ARE DULY AUTHORIZED ARE BEING HEARD OR SUPPORTED.

WAITING FOR YOUR RESPONSE!!!

We are govt organization but not govt company. Hope you understood now

YUP I UNDERSTOOD.

But all I am asking is a reference of any notification empowering the same.

please share

Generally Accounting Year is : April to March

Tax Calculations: April to March

But while preparing form 16 they consider salary from March to Feb .

This is causing doubts .. You may check form 16 and it's calculations

Check this 

 

IT accounting for govt employees is from Mar-Feb (because rule 64 of GoI Account Receipts and Payments Rules 1983

 

Read more at: https://www.caclubindia.com/forum/income-earned-in-march-falls-under-which-financial-year-67924.asp

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