Swapnil (Accounts Executive) (30 Points)
06 September 2012I had deducted the tds on Interest of Rs 133800 at 10% u/s (194 A) i.e Rs. 13380 for Financial Year 2011-12 (Interest Calculation period 01.04.2011 To 31.04.2012) I have 1 confusion regarding entry of TDS means on which date should I take the entry in the books of accounts and how much interest to be pay on that upto till date.
TDS amount is = 13380/-
Kindly do the needful at the earliest.
Swapnil
9881735014
Santosh V. Thakur
(Sr. Accountant)
(187 Points)
Replied 06 September 2012
Mr.Swapnil, TDS entry should be passed as following basis.
1. Invoice entry booking (Date) or Advance Payment (date) whichever is EARLIER date.
example -
1. if invoice entry booking date 28-jun and payment date after 28-june, then TDS entry date would be 28-june-12
2. if Advance payment made on date 12-jun before invoice date , then TDS entry date would be 12-june
Sathya
(Articled Clerk)
(118 Points)
Replied 06 September 2012
You should pass the deduction entry in the F.Y. 2011-12 itself, so that the B/S as on 31.03.2012 shows TDS Payable on that date. Then, you can claim the expense in the F.Y. 2011-12, provided you remit the TDS before due date of filing return.
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