whether TDS is applicable on all provision made on year end which are required as per accounting standarda and general practices.
3 Replies
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)
(7548 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.
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