19 August 2008
If we got a bil for professioan service for the year 2007-08 in August, 2008 for 1 lac.Should provision made in the Balance Sheet of March, 2008? If we do so TDS have to deducted and we have already filed the TDs return. Can i just make a provision in last year and deduct TDS in cuurrent year or provision can be made in current date?
19 August 2008
If this is a service you have already availed and you know the value and you are keeping the books on accrual basis you should have provided for in the year of incurrence. THE tds provisins will apply accordingly.
If you have not complied with the provisions penal provisions will apply.
CAclubindia
