Expenses A/c Dr
To Provision for Expens
(Being Provision made)
Creditors / Party A/c Dr.
To TDS Payable A/c
(Being TDS provision made for)
TDS on year end provisional entry
Page no : 2
S.Praveen
(Student)
(38 Points)
Replied 02 June 2011
Yes. It is necessary to deduct TDS for expenses booked on 31st March
C.A Tarun Shah
(practice)
(271 Points)
Replied 02 June 2011
Mr.Gaurav
When Estimate amount is suppose "X" & bill for the expenses is suppose "Y" then treatement of difference between X & Y would be as per AS-5 Chanes in the estimate & diiference is bboked in current year & TDS is deducted on the basis of credit or payment whichever is earlier
HARI PRASAD
(M.COM)
(172 Points)
Replied 07 June 2011
Hello,
As i know as per rules TDS amount to be booked if provisional expenses are create so, then the accounting entry would be as follows
Expenses a/c Dr
To TDS on Expenses(Payable) a/c
Once the expenditure booked the above said intry would be reversal of transaction.
Thank q
-JHP
HARI PRASAD
(M.COM)
(172 Points)
Replied 07 June 2011
Hello,
The journal entry for provision as under
Expenses a/c Dr
To Provision For Expenses a/c
Thank q
- JHP
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