Please tell me - I have a invoice which is dated 13/09/2010 of Rs.39708/- with including Services Tax, But due to some issues about bill we did not make payment for this bill, henceforth we did not deduct or debited any TDS against this invoice, but unfortunately we have taken Credit of Service tax in the month of Sept-2010.....
Now my Query is SHOULD I DEDUCT TDS WHILE MAKE PAYMENT FOR THIS BILL ? IF YES HOW SHOULD I ACCOUNT FOR THAT AND IN WHICH FINANCIAL YEAR ????
if ur balance sheet is still in finalisation but TDS return has been filled then make a provision for the same in FY 10-11.
Then book/record the same in FY 2011-12 and deduct the TDS.
Dear Harpreet,
Should I book record in F.Y.2011-2012 only for TDS or Invoice also ?
Can u tell me how should I make entries for this provision ??? But make sure it should be including Service Tax
In FY 2010-11
relevant exp Dr
Service Tax input Dr
To Provision for expenses Cr
In FY 2011-12
Provision for expense Dr
To TDS Payable Cr
To vendor Cr
But that bill is dated of Sept-2010 and Service Tax Credit has also taken in Sept-2010, So I don't think that I can take any entry in March-2011
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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