Tds on provision for bonus
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2015
Dear Sir/Mam,
I just wanted to ask, whether TDS should be deducted on provision for bonus in the year in which provision is made to get deduction in the assessment year in which provision for bonus is created if TDS is paid on or before filing IT return.
eg. Provision for Bonus of Rs. 1 lakh made in FY 14-15. No Tds deducted in FY 14-15. However client is promising that they will deduct and pay Tds on bonus before Sep 15.
My question is, are they require to make provision for Tds in FY 14-15 to allow bonus provision in FY 14-15 itself in IT return??
I just wanted to ask, whether TDS should be deducted on provision for bonus in the year in which provision is made to get deduction in the assessment year in which provision for bonus is created if TDS is paid on or before filing IT return.
eg. Provision for Bonus of Rs. 1 lakh made in FY 14-15. No Tds deducted in FY 14-15. However client is promising that they will deduct and pay Tds on bonus before Sep 15.
My question is, are they require to make provision for Tds in FY 14-15 to allow bonus provision in FY 14-15 itself in IT return??
13 July 2015
For salary TDS applicable only at the time of payment not on accrual basis.
13 July 2015
No Provision can be made it has to be on actual basis
13 July 2015
agreed with seetharams view
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
