Tds cheque
ashok thakker
(Querist) 11 June 2013
This query is : Resolved
Sir,
We receive payments of warehousing of TEA from principal Auction brokers,in turn they deduct service charges from our bills, for processing our payment on behalf of Garden owners.As we are supposed to deduct TDS on this deductions,we pay TDS in march'2013 for the entire Year and amount of service charges so deducted,and deposit in bank.On receiving challans we ask them for reimbursement of deposited amount which they pay subsequently. This year one of the brokers insists on issuing cheque in my personal name instead of Company's name,as mine is a proprietorship concern. Can i accept this cheque ? and if yes how do i adjust in my company account ? Please advise how to move about in this case. regards,
ashok thakker
VARUN MAHAJAN
(Expert) 06 July 2013
Need not to go like this carry on with the recipts in the name of your concern and claim the tds in your income tax return
Guest
(Expert) 07 July 2013
Nothing to worry. There are two options for you:
1) Endorse the cheque (if not crossed as account payee), so received, in the name of the company to directly deposit in the company account; OR
2) Receive the cheque and deposit in your own account and alternatively issue a cheque for the same amount from your account to company's account. Make appropriate description in the debit -credit vouchers for accounting purposes and deposit the same in company's account.
ashok thakker
(Querist) 07 July 2013
Thanks,mr Dhingra,would follow your adivice,
regards,
ashok thakker
Guest
(Expert) 07 July 2013
You are welcome Mr. Thakker.
