For Year end provision for audit fee: TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2010 Dear Sir/Madam,
If we are making provision for audit fee for year end 2009-10, is it necessary to pass entry for TDS in system and submit tds to govt. if yes what entry should be passed.....
Suppose if we have not passed entry for provision for tds for f.y. 2009-10. can we submit the tds return for last quarter...of 2009-10.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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03 July 2010 TDS is deductible at the time of payment or credit whichever is earlier.

Since the account is being credited and expenses is being booked TDS deductible on the same.

TDS entry should be necessarily be passed in the books for claiming the books of accounts.