Can I Book entry in books on invoice receipt date ?

Page no : 2

sabyasachi mukherjee (26273 Points)
Replied 29 September 2019

@ kapadia this is followed in corporate sector.
Finance and Accounts only endorse the certification of other department.
Validates arithmetical accuracy and passes the entries. This
Generally nowadays all the support departments is well connected with each other thru integrated software.
Hence minimizes time .
But when I have started my career the system was like that. The system has changed.When F @ A RECEIVES THE BILL IT IS ALREADY CERTIFIED BY ALL THE DEPARTMENTS.
DO NOT CONSDER THE FUNDAS OF OF IT SECTOR.
@ kapadia I repeat it requires no endorsement.

Kapadia Pravin (17249 Points)
Replied 30 September 2019

Sabyasachi it's all going bumper. it's all out of context but anyway !!!!

sabyasachi mukherjee (26273 Points)
Replied 30 September 2019

Rexit its all relevant.
Its very much within the context.

(Guest)

Originally posted by : CA Raxit Patel
	Hello friends have one doubts i received a invoice from service provider , invoice date is 29th August 19 invoice receiving Date on 10th September 19 and TDS already paid for the month of Aug 19 now just i want to know can I book this invoice in my books on invoice received date i.e. 10th September 19 ?

Hi Raxit,

You need to record on the date when you receive the invoice. And TDS applies accordingly when you credit or pay.

For these differences of dates in the invoice and receiving, there are a system of adjustment entries as per accrual system for preparation of periodic financial reports.

Just make sure you don't do any adjustment entries w.r.t. these expenses because that is also covered under TDS provisions as "credited to suspense or other accounts".

sabyasachi mukherjee (26273 Points)
Replied 30 September 2019

Manish which section of income tax act.

(Guest)

Originally posted by : sabyasachi mukherjee
	Manish which section of income tax act.

You may read section194C or 194J.

sabyasachi mukherjee (26273 Points)
Replied 30 September 2019

194J professional services
194 C tds payment related to contractors.
please correct me if I am wrong.

(Guest)

Technical services are also covered in 194J.

sabyasachi mukherjee (26273 Points)
Replied 30 September 2019

Thats within the purview of professional services.

(Guest)

These have different TDS limit apart from professional services. And these are also not covered as profession for presumptive taxation in 44ADA.

sabyasachi mukherjee (26273 Points)
Replied 30 September 2019

Absoloutely correct.
But if you pay a sum of Rs.1 lac for technical services. You have to deduct tds and pay to your vendor.
Then Sec 194j is invoked.
Now your SEC 44DA IS A SEPERATE SECTION WHICH HAS DETAILED GUIDELINE FOR LIMITS FOR THOSE TYPE OF ASSESSE .
SEC 194DA IS FOR PERSON RESPNSIBLE FOR PAYING TO A RESIDENT ANY SUM UNDER A LIFE INSURANCE POLICY INCLUDING THE SUM ALLOCATED BY WAY OF BONUS ON SUCH POLICY OTHER THAN THE AMOUNT NOT INCLUDIBLE IN THE TOTAL INCOME UNDER CLAUSE 10D SHALL AT THE TIME OF PAYMENT THEREOF DEDUCT INCOME TAX AT TGE RATE OF 1 %.