I have paid Rs.30000/- professional fees in the Month of Apr.09 and deduct the TDS @ 1030%.
Now i'he realised that, in the month of Jun 09. Rs.15000/- is also paid to the same party without deduction of TDS
My querry is
1. Now at what rate i have to deduct the TDS, @ 10% or 10.30%
2. e-TDS return has to revised for 1st Qtr. or shall I fill the same in 3rd Qtr. with Interest.
1.The expenditure is relating to the month of June 09.Therefor the rate of TDS will be 10.3%
2.Revise the e-TDS return for the 1st Qtr.
And if you want to swim with the current and not in the opposite direction, book the payment entry of Rs.15,000 in the month of June as an advance.Ask for a fresh bill for the current month.Book the expense in the current month.Deduct TDS @ 10% and File the e-TDS return for the 3rd qtr.
Regards,
Fatema
CAclubindia
