Applicability of tds on monthly provision
This query is : Open
16 March 2013
As per Income Tax, TDS has to be deducted on the amounts credited or paid whichever is earlier.
Following this on provision also TDS is applicable, but as per AS29 provisions are estimates where actual amount is not known.
Whether TDS has to be deducted on the provisions made on the estimates at the month end and reversed at the next day?
Following this on provision also TDS is applicable, but as per AS29 provisions are estimates where actual amount is not known.
Whether TDS has to be deducted on the provisions made on the estimates at the month end and reversed at the next day?
17 March 2013
No in that case TDS is not required to be deducted because it is not actually being reflected in your accounts.
CA Mukesh Jain S
(Expert)
17 March 2013
When a credit is made in the books, TDS compulsorily needs to be deducted. This is the interpretation which can be drawn from the TDS provisions.
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