TDS Payment

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selvaraju

Accountant

24 Points Posted on 10 April 2009

we have received the Job work Bills between 01/04/08 to 29/02/2009 against the same we have deducted the TDS but we have paid as on 09/04/2009 (instead of on or before 31.03.2009 same previous year)
according to our C.A, U/s200 the above job work bills will be disallowed in the FY 2008-2009 and will be allowed in the current year 2009-2010 is it correct or not

as per the Section 40 (a) (ia) we understood that if we have deducted in the previous year (i.e. financial Year 2008-2009) and we have depostited before due date of filling income tax return (i.e. 30.09.2009) the above jobwork expenses should be allowed for financial year 2008-2009

request you to guied us on the matter

Replies (4)

Om Prakash Singh

CA-FINAL STUDENT VARANASI

370 Points Posted on 10 April 2009

Kind Attn Mr raju

If u have made provision for exp in the month of March and deducted TDs then u may deposit the Tax up to 31st May 09.in same Assessment Year. But if you have paid expenses in the month of March or before then u must deposit the Tax upto 7 th april 09.

Guest

You should accounted those expenses in books of accounts and deposit the TDS.

As per Accrual bais Expenses should be booked with in the financial year belongs and TDS libility are raise when yopu credit/paid the amount. As per your query you have already deduct TDS from the Bills so you have to deposit the TDS at on time.

Divya Karthik

459 Points Posted on 13 April 2009

could u pls tell me how tds on salary is calculated and how it is e-filed?

Om Prakash Singh

CA-FINAL STUDENT VARANASI

370 Points Posted on 13 April 2009

Hi Divya

First of All u should decide the aligibilty for deduction of TDs i mean Gross salary for the year shud be more than basic exemption limit. Consider the deduction Us 80 CCC to 80 D. Then Find out taxable Amount. and Tax payable thereon. That tax to be deducted from salary as TDS.