Suppose mr A paid25000 for 1st jan to dec 31
5000booked in the last year and 20000 carried forward as prepaid
in this FY Mr A paid more 20000 to the company
If TDS is deducted for the sum payable more than 30000 Should A have to deduct the TDS
Saurabh Malpani (CA Final) (514 Points)
13 January 2012Suppose mr A paid25000 for 1st jan to dec 31
5000booked in the last year and 20000 carried forward as prepaid
in this FY Mr A paid more 20000 to the company
If TDS is deducted for the sum payable more than 30000 Should A have to deduct the TDS
Bhushan Ramani
(Chartered Accountant)
(105 Points)
Replied 13 January 2012
Hi Saurabh,
The thumb rule of TDS Say that , TDS is to be deducted , on the basis of when the payment is made or the a/c is credited whichever is earlier. Accordingly, in the instant case, you have made the payment, hence the TDS is to be deducted.
Saurabh Malpani
(CA Final)
(514 Points)
Replied 13 January 2012
payment has been made in last yr bhusan 30000
Bhushan Ramani
(Chartered Accountant)
(105 Points)
Replied 13 January 2012
Bhai, barar hai yaar but phir last year hi TDS deduct kar lena chayiye ... I think so.
Bhushan Ramani
(Chartered Accountant)
(105 Points)
Replied 13 January 2012
But , agar tu expenditure is saal claim karne wala hai toh tds deduct karna padega..
Hemant Kumar
(Accounts Manager MBA (Fin) CMA*)
(6450 Points)
Replied 13 January 2012
Saurabh Malpani
(CA Final)
(514 Points)
Replied 13 January 2012
bhusan bhai . u said TDS is to be deducted , on the basis of when the payment is made or the a/c is credited whichever is earlier.
in this case payment has been made earlier suppose it is 25000 in which 5000 for the year n 20000 as prepaid . toh last year vmjhe tds ni lena hga na?
Bhushan Ramani
(Chartered Accountant)
(105 Points)
Replied 13 January 2012
ha , as far tds to be deducted agar last year slab rates mein nahi aa rahaa hai toh nahi kaat na hoga bt yaar, agar tuje uska expenditure claim kar na hai to tds deduct karna padega n agar tu claim nahi kar raha expenditure toh tu nahi kaate ga toh chalega.
Divya K S
(CA)
(289 Points)
Replied 13 January 2012
TDS had to be deducted in previous year only for entire Rs. 25,000
Saurabh Malpani
(CA Final)
(514 Points)
Replied 13 January 2012
Divya
TDS wont be deducted as the amount is not mre than 30000
valji
(Accounts manager-MBA)
(2150 Points)
Replied 13 January 2012
totally agree with mr bhusan TDS to be deduceted payment or credit which ever is earlier
Surendra Likhar
(Account Assistant)
(24 Points)
Replied 27 January 2012
sir main jaha job kar raha hun waha par last may se tds deduct kia hai but avi tak pay nai kia gaya to mujhe kya panely lagege or ishko kese manage karu pls suggess me
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