TDS on Provision
This query is : Resolved
08 August 2009
If provision made for the Audit fees of Rs.200000 on 31st March 09.TDS not deducted on such amount because bill not received yet.is it expense allowed for the year 2008-09.
10 August 2009
As you have done the provision that means you maintain the books of accounts on accrual basis.
Sec 194J clearly states that any amount credited or paid will be liable to TDS if it exceeds 20K. In your case you have credited the amount on 31st March 09. That means you have to do the TDS on that.
In case you have not deducted TDS then the expenses will be disallow.
The last date of payment will be due date of return of income as per sec 139.
The last date for you will be on or before 30th Sept 09.
Sec 194J clearly states that any amount credited or paid will be liable to TDS if it exceeds 20K. In your case you have credited the amount on 31st March 09. That means you have to do the TDS on that.
In case you have not deducted TDS then the expenses will be disallow.
The last date of payment will be due date of return of income as per sec 139.
The last date for you will be on or before 30th Sept 09.
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?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
