Late deduction of tds and accounting of same n books

Others 947 views 2 replies

Deepak Jain

Article Trainee

80 Points Joined September 2012

Hey guyzz,

While carrying out Tax audit , i Have an query regarding late deduction of Tds on Rent. Its came to my knowledge during Tax audit for F.Y.2012-13 relevant to A.Y.2013-14 of a partnership firm.

Question is that auditee has not deduct TDS on rent paid for F.Y.2012-13 amounting to Rs. 1,94,400/- Now as on 15.08.2013 they deduct and pass entry on 31.03.2013 for TDS payable on Rent. and they deposit in government account on 15.08.2013. Now 1st they have to file revised TDS return for last quarter and my query is......

" whether this TDS allowed in F.Y.2012-13 (31.03.2013) or F.Y.2013-14(as deposited on 15.08.2013)"

Experts opinion..................!!!!!

Replies (2)

CA LOVELY ARORA

C.A. B.Com (H) Graduate

2151 Points Joined August 2008

Dear Deepak,

yes, the TDS would be allowed in the F.Y. 12-13 itself... as the payment has been made before the due date of filing of ITR for the said year i.e. 30.09.2013 (being liable to tax audit)... thus, the said amount would be allowed u/s 43B for the FY 12-13.

Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com

Deepak Jain

Article Trainee

80 Points Joined September 2012

Originally posted by : CA LOVELY ARORA

Dear Deepak,

yes, the TDS would be allowed in the F.Y. 12-13 itself... as the payment has been made before the due date of filing of ITR for the said year i.e. 30.09.2013 (being liable to tax audit)... thus, the said amount would be allowed u/s 43B for the FY 12-13.

Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com