PRIYANKA (accountant) (77 Points)
30 January 2014Please Solve My Quary as early as possible
Example as : if we made advance payment on 15.01.2014 Rs.40000 after deducting tds 94 C 1% = 400 . Then we Received Bill on 15.02.2014 ( But Actual Date Mention On Bill = 30.01.2014 ). Bill Amounted = Rs. 1,00,000/-
How We Paid TDS on Balance of Rs. 60000 & Liable For intrest payment or not ?
Balance Payment Made Immediately or not ?
Shadab Shaikh
(Working at CCPL)
(81 Points)
Replied 30 January 2014
You can deduct TDS on balance amount of Rs. 60000/- and deposit the TDS before 07/02/2014.
No Interest will be liable.
Shadab Shaikh
(Working at CCPL)
(81 Points)
Replied 30 January 2014
You can deduct TDS on balance amount of Rs. 60000/- and pay on or before 07/02/2014.
No interest will be liable.
PRIYANKA
(accountant)
(77 Points)
Replied 30 January 2014
But we Received Bill On 15.02.2014 so how we paid tds on 07.02.2014 ?
we have no idea about final bill amount ?
Please reply me...............
Thanks.........
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ )
(3469 Points)
Replied 30 January 2014
Not a problem. Book liability in books of account on receipt of bill and remit TDS accordingly. Alternatively you may request the service provider to change the date of bill so as not to bring in any sort of litigation. By the way the dates mentioned should be 2013 I guess and not 2014.
Regards,
Shadab Shaikh
(Working at CCPL)
(81 Points)
Replied 30 January 2014
If you receive the bill in Feb, 2014 you can deduct TDS on Rs. 60000/- and pay on or before 07/03/2014.
Shadab Shaikh
(Working at CCPL)
(81 Points)
Replied 30 January 2014
You can book the bill in Feb, 2014
Pradeep Gupta
(Accounts Manager)
(298 Points)
Replied 30 January 2014
| Originally posted by : PRIYANKA | ||
 |
Please Solve My Quary as early as possible Example as : if we made advance payment on 15.01.2014 Rs.40000 after deducting tds 94 C 1% = 400 . Then we Received Bill on 15.02.2014 ( But Actual Date Mention On Bill = 30.01.2014 ). Bill Amounted = Rs. 1,00,000/- How We Paid TDS on Balance of Rs. 60000 & Liable For intrest payment or not ? Balance Payment Made Immediately or not ? |
 |
You need to pass the following entries:-
On 15.01.2014
Party’s A/c Dr. Rs.40,000/-
To, TDS U/s 194C A/c Rs.400/-
To, Bank A/c Rs.39,600/-
On 15.02.2014
Expense A/c Dr. Rs.100,000/-
To, TDS U/s 194C A/c Rs.600/- (On Rs.60,000 X 1%)
To, Party’s A/c Rs.99,400/-
TDS Payment:-
On or before 7th March’14, If you have enough fund you can pay immediate or else can pay by 7th March’14.
Entry on the date of Payment:
TDS U/s 194C A/c Dr. Rs.600/-
To, Bank A/c Rs.600/-
If you don’t pay TDS by 7th March’14, then you will be liable to pay interest @ 1.5% per month or part of the month, from the date of deduction till the date of payment i.e. from 15th Feb’14 to the date of payment.
R R PATEL
(Service)
(27 Points)
Replied 31 January 2014
PRIYANKA
(accountant)
(77 Points)
Replied 31 January 2014
Dear Sir / Mam
I Have required for Request to service Provider to Change the Date of Bill ?
Thanks........
PRIYANKA
(accountant)
(77 Points)
Replied 31 January 2014
Please Send me answer........
At the time of filling TDS Return mention the date of Bill ?
if yes, can have possible to change the date of bill........
Pradeep Gupta
(Accounts Manager)
(298 Points)
Replied 31 January 2014
No need to change the Bill date. You can record the same in books of accounts on the date when you received the bill.
In TDS return there is no such column for Date of bill, there relevant column is " Date of Payment/Credit" & "Date of Deduction".
Therefore in TDS Return you need to write the "date on which you received the bill" in the column " Date of Payment/Credit" & "Date of Deduction".
PRIYANKA
(accountant)
(77 Points)
Replied 01 February 2014
Dear Pradeep Sir,
This solution is fare as per Law......the law said the date of deduction & the date of payment whichever is
earlier...........?
By using Your Suggestion no arises a question of Intrest @ 1.5 % per month........
priyanka 
Pradeep Gupta
(Accounts Manager)
(298 Points)
Replied 01 February 2014
You need not to pay any amount towards Interest. As you mentioned that you have received bill on 15th Feb'14 so the last date for remitting the TDS amount is 7th March'14.
If any delay made beyond 7th March'14, then you need to pay TDS @ 1.5% per month starting from the date of deduction till date of payment. :-)
Gajanan
(accountant)
(21 Points)
Replied 02 February 2014
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