Tds on provisions
This query is : Resolved
CA.M.V.RAMACHANDRA RAO
(Querist)
08 March 2010
We are required to deduct and remitt tds on the provisions but provisons are made without giving any effect to the party.
For Eg- in case of contracts, where i have not received ant invoice but i eanted to made a provision at the year end as Expenditure A/c Dr to expenses payable A/c Cr. In the given case are we required to deduct tds or not?
If ur answer is yes, To whom i need to give the tds credit?
Thanks in advance
For Eg- in case of contracts, where i have not received ant invoice but i eanted to made a provision at the year end as Expenditure A/c Dr to expenses payable A/c Cr. In the given case are we required to deduct tds or not?
If ur answer is yes, To whom i need to give the tds credit?
Thanks in advance
CMA Ramesh Krishnan
(Expert)
08 March 2010
For provisions not required to deduct TDS.When you are actually crediting the party that time you can deduct
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