tds on provision on expenses made on 31.03.2010
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2010
Dear sir,
We have creat a provision on expenses on 31.03.2010.the entry passed
Audit fee Dr 40000
to audit fee payable 40000
Commission Dr 80000
to Commission Payable 80000
Would we deducted tds on these entries or tds deducted on when actual bill come or payment made
the actual bill cone 10.04.2010
We have creat a provision on expenses on 31.03.2010.the entry passed
Audit fee Dr 40000
to audit fee payable 40000
Commission Dr 80000
to Commission Payable 80000
Would we deducted tds on these entries or tds deducted on when actual bill come or payment made
the actual bill cone 10.04.2010
12 August 2010
TDS to be deducted on 31.03.2010.
The provision is very clear : payment or credit , whichever is earlier, & even a provision creation amounts to credit.
The provision is very clear : payment or credit , whichever is earlier, & even a provision creation amounts to credit.
Message likes :
1 times
12 August 2010
Agree with the expert. Even if any amount is transferred to suspense A/c then also TDS need to be deducted.
Message likes :
1 times
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