TDS ON PROVISION ENTRY
This query is : Resolved
16 March 2011
tds is deducted on due or paid basis whichever is earlier... then how we can deduct tds on provisions?..and if tds is deducted with provisions then how we will issue the tds certificates.....since parties name has not been credited in the books as on 31st mar.
pls reply as early as possible,It's urjent.
Thanx in advance
pls reply as early as possible,It's urjent.
Thanx in advance
16 March 2011
TDS should be deducted on the Due or paid which ever is earler. To deduct for provision, we don't need the names. The Names and pan no's are required only at the time of filling Quarterly TDS returns.
So, deduct the TDS at the time of booking Expenditure.
So, deduct the TDS at the time of booking Expenditure.
16 March 2011
The main aim of this provision is that the TDS should be deducted on expenditure which the assessee is claiming (Provided the same attracts TDS). The provision here does not mean and assumption but the expenditure for services which has been obtained but bill yet to be received. For example Audit fees.
16 March 2011
agreed,
if you are confused abt accural basis treatment of tds then as per expert you dont need to worry abt name bcs if you deduct provisionly then also you are deducting TDS. and now when file your ETDS return you need to give exact provisions bifercation which will tally with challan deposit by u later.
after filing ETDS return you can give 16A with provision amt and receipt no.too.
if you are confused abt accural basis treatment of tds then as per expert you dont need to worry abt name bcs if you deduct provisionly then also you are deducting TDS. and now when file your ETDS return you need to give exact provisions bifercation which will tally with challan deposit by u later.
after filing ETDS return you can give 16A with provision amt and receipt no.too.
20 April 2011
Please clarify with relevant case laws & provisions.
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