whether TDS is applicable on all provision made on year end which are required as per accounting standarda and general practices.
vipul katharotiya (CA) (25 Points)
23 November 2011whether TDS is applicable on all provision made on year end which are required as per accounting standarda and general practices.
Saraswathi
(freelance-accountant)
(30 Points)
Replied 23 November 2011
TDS is applicable on the provision entries, only on the statutory related payments, e.g. consultants, contractors etc.,
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 25 November 2011
The following expenses provided would attract TDS as required by law:
Audit Fees provided if it exceeds Rs. 30k
Provision towards payments to be made to contractors/sub-contractors/advertising agency
Provision to be made towards commission
Provision made towards rent payable
Any other professional payment provison made in the accounts whihc exceeds Rs.30k per provision'
Abhay Sakaria
([Practicing C.A.] [C.S. Final])
(283 Points)
Replied 25 November 2011
TDS is to be provided on every expense which attracts TDS, and exceeds the limit prescribed u/s 192 to 194 as per The Income Tax Act 1961 for single payment or aggregate payment respectively.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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