TDS deduction

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..... TDS deduction
Query (Issue) Started By: - Onkar Shete Dated:- 16-4-2019 Last Reply Date:- 18-4-2019 Income Tax
Got 3 Replies
Income Tax
tds is to be deducted as payment or credit whichever is earlier but previously we have followed payment basis means tds has been deducted while payment to party. to bread this practise i need to close these transactions in f.y.2018-19 so whichever .....

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..... the suplliers payments liable to tds deductions are unpaid as on 31.3.19, i will make provision for tds, deposte the tds by 30.4.19 & show it in Q4 of f.y.2018-19 by 31.5.19 so can the expense would disallow? please advise Reply By CASusheel Gupta: The Reply: In respect of expenses incurred (due, irrespective of paid or unpaid) in FY 2018-2019 deduct tax at source and deposit at the time of cr .....

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..... edit or payment whichever is earlier. If done, no amount can be disallowed u/s 43(a)(ia) CA Susheel Gupta 9811004443 Reply By Onkar Shete: The Reply: yes but the same has to rectified. we have not followed this & tds deducted on payment basis. "so whichever the suppliers payments liable to tds deductions are unpaid as on 31.3.19, i will make provision for tds, deposit the tds by 30.4.19 .....

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..... & show it in Q4 of f.y.2018-19 by 31.5.19" this can be rectification for f.y.2018-19? because tds has already been deducted & deposited for the suppliers to whom we have done the payments. tds is to deducted for those suppliers whose payment is outstanding. so if i pay the tds by 30.4.19 the matter is going to sort out for f.y.2018-19 ? Reply By Onkar Shete: The Reply: awaiting experts .....

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..... advise please
Discussion Forum - Knowledge Sharing .....

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