Provision for Expenses
This query is : Resolved
Ravi Kiran
(Querist)
04 May 2008
Sir,
I have receive the Professional bill for the month of March in April Dated April what entry should be passed in the books of accounts and Also i want to know when should i deduct the tds in the month of march or in the month of april 08
I have receive the Professional bill for the month of March in April Dated April what entry should be passed in the books of accounts and Also i want to know when should i deduct the tds in the month of march or in the month of april 08
CA Hemant T Dewani
(Expert)
05 May 2008
if you are received bill in april then you will pass jv on 31/03/2008 & you will pay tds before 31/05/2008 so it will allowed in the f y year 2007-08
if you want to paid in the year 2008-09 then you will pay tds before 07/05/2008
if you want to paid in the year 2008-09 then you will pay tds before 07/05/2008
Amit Sharma
(Expert)
05 May 2008
TDS should be deducted on accural basis even though its a provision.
There is another altenative where -in you accumilate the TDS amount and at the year ended pay full TDS amount along with interest.
However, the first method makes more sense.
Entry:-
Vendor a/c Dr...
To TDS payable a/c.
There is another altenative where -in you accumilate the TDS amount and at the year ended pay full TDS amount along with interest.
However, the first method makes more sense.
Entry:-
Vendor a/c Dr...
To TDS payable a/c.
CA. Kirti S. Ganatra
(Expert)
05 May 2008
31/03
Dr. Expense
Cr. TDS Amount
Cr. Outstanding Liabity
Before 31st May
TDS Dr.
Cr. Bank A/c.
when payment to party
Outstanding Liability Dr/
Cr. Bank
Dr. Expense
Cr. TDS Amount
Cr. Outstanding Liabity
Before 31st May
TDS Dr.
Cr. Bank A/c.
when payment to party
Outstanding Liability Dr/
Cr. Bank
CA. GOPAL SONIKA
(Expert)
05 May 2008
Entry is
Expense Dr
TDS Dr
O/s Liability Cr
The above entry would be passed in the month of March
Expense Dr
TDS Dr
O/s Liability Cr
The above entry would be passed in the month of March
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