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TDS provision

TDS / TCS 658 views 2 replies

CA SUBBIAH K

SENIOR MANAGER - F&A

105 Points Posted on 17 January 2009

hi friends pls clarify the following query..

Professional charges Invoice has been raised on 15.4.08, i booked that invoice & credited the party a/c on 16.04.08 without deducting TDS.

on 25.08.08 only i came to know that i would have to deduct tds and on that date pass the entry as below

Party a/c Dr. xxx

To TDS payable a/c xxx

and paid the same on 09.09.08...

my question is if there is any delay in remitting the tds amount. if so how many days explain.

Replies (2)

yogesh dave

service

376 Points Posted on 17 January 2009

on or before 31st March of that particular FY with interest otherwise the expenses incurred / payment made and debited to P & L A/c will be disallowed as expenditure.

Jagdish Bhalia

Practicing CA

453 Points Posted on 17 January 2009

U/s 201(1A)If the person fails to pay the TDS amount after deducting the same , he is liable to pay interest on late payment of TDS @ 1% per month and part thereof.

In the above case u have to pay interest for Five month (

May, June, July, August and September.)