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TDS Query very very urgent

TDS / TCS 437 views 1 replies

Dear  Sir,

 

I have a query that we received a contractor's bill pertaining to FY 2010-11, dated 01.12.2010, on which tds was deductible but we did not deduct the tds.

ALL RESPECTIVE RETURNS HAVE BEEN FILED, TDS CERTIFICATES HAVE BEEN DISPATCHED,, BALANCE SHEET FOR FY 2010-11 IS YET TO BE FINALISED.

KINDLY SUGGEST ME WHAT TO DO:

(A)  DO I NEED TO MAKE TDS DEDUCTION ENTRY ON 01.12.2010 ITSELF ALONG WITH BOOKING EXPENSES & DEPOSIT TDS TODAY ALONGWITH INTEREST OF 1.5% PER MONTH & REVISE THERETURN ACCORDINGLY.

(B) MAY I BOOK THE EXPENSES ON 01.12.2010 & DEDUCT TDS ON CURRENT DATE ALONGWITH INTEREST @ 1%.  I WILL NOT HAVE TO REVISE RETURN IN THIS CASE.

(C) ANY OTHER PRCEDURE SUGGESTED BY YOU.

 

KINDLY REPLY.

Replies (1)

YOU CAN BOOK TDS IN CURRENAT  YEAR , as liablity of last year  before return filing date if you pay the TDS with interest 1.5 % then in this case the exepenses are allowed

otherwsie the expenses are not allowed (disallowed) ,you cannot change in the balancesheet once signed by your auditors

since TDS are not allowed as expenses but if not  booked & paid tds expenses are not alllowed .so book tds current year revise TDS last year


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