16 September 2010
If I want to make provision for expenses at march ending for various heads & various parties whose amt is not confirmed & who comes under TDS jurisdiction then TDS is appliable on such provision made & if no tax deducted then what to do?
16 September 2010
Ideally.. TDS should have been deducted at the time of making the provision.
If its not deducted, You cannot claim the benefit of such provision of such expenses under Income Tax.
If, your returns have yet filed & if you can deduct the TDS on these provision in March date & pay the same with late payment interest, you can claim the benefit of such expenses.
16 September 2010
TDS IS TO BE DEDUCTED AT THE TIME OF CREDIT OF PARTY . IF YOU HAVE NOT DEDUCT THE TDS, THEN SUCH EXPENSE WILL BE DISALLOWED. HENCE DEDUCTED THE TDS AND DEPOSIT BEFORE FILING OF IT RETURN AND GET DEDUCITON FOR IT.
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