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tds on provision
provision attract TDs ?
Replies (9)
TDS applicable on certain expenses like commission, rent, professional fees, salary, payment to contractor etc but provision doesn't attract TDS.
provision for fees payable is attract TDs
Which kind of fees?
Which type of fees i.e. Professional Fee, contract fee, maintenance fee as well as other type fee. Professional fee attract @ 10% accordinly.
194J doesn't apply if payer is individual or HUF ( who doesn't fall in compulsory audit u/s 44AB)
provision for audit fee , in case of company
Sec 194J apply At the time of credit of such sum to the account of payeeor at the time of payment whichever is earlier
.
So at time of making provision entry would be
Audit fees a/c dr
To provision for Audit fees
Where payee a/c not mentioned so 194j doesn't apply
So at time of making provision entry would be
Audit fees a/c dr
To provision for Audit fees
Where payee a/c not mentioned so 194j doesn't apply
yes provison for aduit fees attract TDS payable ....................
case:
we have got a lease from mr x who has again got the property under lease from local authority.
while making payment of monthly lease amount tds will be deducted or not?
He has said that tds will not be deducted as the payee is local authority but there are two agreement i.e mr x and local authority & mr x and us.
What willbe tds implication ???
waiting for your valuable suggestion
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