27 September 2008
In case of quarterly closing of accounts do we need to deduct TDS on provisons made on the last date of the quarter and reversed on the 1st day of next quarter. As we pass the provison entry on the last date of the ending quarter we need to deposit the TDS by 7th of the next month & it is very difficult to get all the bills by that time. In the month of March we get two months to deposit the TDS on provisons but no such provision is there in the middle of the year.
Please guide is there any legal provison / case law which confirms that it is not mandatory to deduct TDS on provisions made at the end of the quarter.
CAclubindia
