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query on tds answer

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  • sanjay kumar
    Hello Vishwas,                        As per provision relating to TDS every person have to deduct tds whenever the said person credit the
    Message 1 of 1 , Feb 27, 2009
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      Hello Vishwas,
       
                           As per provision relating to TDS every person have to deduct tds whenever the said person credit the amount in the vendor account or payment, whichever is earlier.
      Hence in your case you have credit the amount on 18.02.2008 and you should deduct tds at that time i.e 18.02.2008 and should be deposit the same in 07.03.2008 or before. Hence the interest to be calculated from default month i.e month of march 2008 onward to uptill .simailarly the said expenditure will bw deductible as expenditure on which TDS has not deposit in time u/s 201. In your case the expenditure will not allow you in the Financial Year 2007-2008. No doubt it will allowed you as payment basis u/s 43B in the year of Payment i.e Financial Year 2008-2009.
       
      It is my Opinion only as per my Knowledge.
       
       
      Thanks  & Ragard,
       
      Ca Sanjay Jojra
      Ludhiana(Punjab)
      91-9463030647


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