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CA Vishal kapoor

Partner

237 Points Posted on 29 August 2009

hi,

My first question is that , Mr X is the prop. in the concern & he is died on 1.11.2008 . the bal stands on tds payable on 31.10.2008 is 83000.00 . what is the due date of deposting the tds in the case of death.. somebody ask me that it is 31.12.2008.( same as 31st march tds on 31st may)..plz guide me to solve dis prob.

My second ques is , after the death of mr X his son Y & Z become the partner & makes a partnership firm. from 2.11.2008 onwards.. Mr X takes a unsecured loan from His Son Y & Z amounts to Rs 500000 each & after the death, the Loan A/c of X & Y Tfr to his capital A/c.. my que is that wheather we consider this transfer entry from loan a/c to capital a/c is repayment of loan u/s 269 t & same is reported in audit report or not..

Thanks in Advance..

Replies (6)

RITESH KOTHARI

B.COM FCA DISA(ICAI)

752 Points Posted on 29 August 2009

1. IN CASE OF PROPRIETORSHIP CONCERN TDS HAS TO BE PAID QUATERLY BY 15TH OF NEXT MONTH FOLLOWING THE RESPECTIVE QUARTER.

SO TDS SHOUD BE DEPOSITED TILL 15-01-2009.

2. THE TRANSFER ENTRY WILL BE TREATED AS LOAN REPAYMENT U/S 269T AND HAVE TO BE REPORTED IN AUDIT REPORT.

CA Vishal kapoor

Partner

237 Points Posted on 29 August 2009

Dear Ritesh JI,

I Am Asking about TDS not Service Tax.. & in sec 269 T " payment by account payee cheque or otherwise" wheather the transfer entry covered under this?

Shrikant Balchandra Vaishnav

Articleship

46 Points Posted on 29 August 2009

Hi,

IN CASE OF PROPRIETORY CONCERN TDS SHOULD BE DEPOSITED WITHIN 7TH DAY OF NEXT FOLLOWINF MONTH.

TRANSFER ENTRY WILL NOT BE TREATED AS REPAYMENT OF LOAN U/S 269T.

RITESH KOTHARI

B.COM FCA DISA(ICAI)

752 Points Posted on 29 August 2009

I KNOW SIR.

I AM TALKING ABOUT TDS ONLY.

THIS PROVISION IS THERE IN TDS ALSO.

CA Vishal kapoor

Partner

237 Points Posted on 31 August 2009

Dear mr Ritesh,

Plz mention the Section which u r taking abt..As per my knowledge their is no such section which is taking about the deposit of tds is quater for indiviuals.

thanks

neerajkumar(CAFA)

foreign consultant

74 Points Posted on 31 August 2009

dear vishal kapoor ji

under notification No :- 31/2009dated on 25 march as per amendments we can deposit tds quarterly under ses. 194h, 194d,194i on dated 15 july ,15 augest, 15, january, 15 april,

but in the case of tds on salary we can deposite on 15 June, 15, september , 15 december , 15 march

this amendments applicable on 1 June 2009 and applicable after permission of the joint commissioner under the jurdification

from :- neeraj kumar ( foreign Devlompents counsultants )