LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Tds payment

eKathirvel (Partner) (27 Points)

29 May 2012

Hi to Everybody,

Pls do clarify me the following,

1) Can a TDS Payment made for Assessment Year 13-14, used for Assessment Year 12-13

2) My C&F Agent raised a Contract Bill on 29-03-12 and sent to be me.But i received the bill on 02-04-12 only.I have transacted this Bill in on Apr'12 and accordingly made deduction and made TDS Payment.when consulted with my CA. I came to know that it should transacted on Bill Date only not on Date Received by you.

please any one us help me to get a answer.

Thanks/Regards,
Kathirvel.E

Reply
Follow
Share

2 Replies

PRITAM JAIN, CA , CS (Practising CA CS) (398 Points)
Replied 29 May 2012

Your consultant is absolutely correct.

You are supposed to enter the transaction as per bill date and required to deduct tax for A.Y. 2012-13 and not A.Y. 2013-14 along with applicable interest if u have deposited taxes after 30th April 2012.

If u have already deposited taxes mentioning A.Y. 2013-14 then there is nothing to panic.

U just write a letter to TDS department and request them to change the A.Y. from 2013-14 to 2012-13.

This will surely work

Regards

Paras (Job) (90 Points)
Replied 29 May 2012

C& F Agent service date is important and not the bill date.If the service belong to A.Y 12-13. then booked the transaction and deducted the TDS in that period.

If u have already deposited taxes mentioning A.Y. 2013-14 then write a letter to TDS department and request them to change the A.Y. from 2013-14 to 2012-13. After the request is approved revised the TDS return.