Sunita Joshi
(Acoount ex)
(8 Points)
Replied 06 July 2017
One More question sir ... The same rent expenses as per agreement start from Jan to dec 17 we received invoice on April 15/04/2017 for Jan to March 2017 period mantion on invoice and agreement can still we book the same in current year and deduct tds for the same month only. OR cause of agreement and period mention it create problem ..... Please advice can we book accrued expenses first and then pay tds from interest from Jan to till now as well penalty....
CA R SEETHARAMAN
(CA Practice )
(143547 Points)
Replied 06 July 2017
Book accrued expenses first and then pay tds from interest from Jan to till now. No penalty applicable.
Sunita Joshi
(Acoount ex)
(8 Points)
Replied 06 July 2017
Penalty for late filing return Jan - March since these entry belong last period not applicable for the same ?
CA R SEETHARAMAN
(CA Practice )
(143547 Points)
Replied 06 July 2017
OK.........................................................
Rajesh
(Accountant)
(22 Points)
Replied 06 July 2018
Expenses realted to Last Year ( 2016-17 paid by cash) can Account can i account for the FY 2017-18.
CA R SEETHARAMAN
(CA Practice )
(143547 Points)
Replied 06 July 2018
Cash payment means less than 10,000, being the amount not material can be booked in the year of payment
KOUSHAL JAIN
(Chartered Accountant)
(471 Points)
Replied 06 July 2018
Prior Period Expenses allowed if Recognised/Materialised in current year.
Eg. Staff Salary Increased in Fy 2018-19 retrospectively from 01/04/2017
CA R SEETHARAMAN
(CA Practice )
(143547 Points)
Replied 06 July 2018
Yes allowed. In our company pay revision settlement happen after one or two years. We make provision on estimated basis. Any difference in settlement booked and allowed in the year of settlement.
CAclubindia
