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Provision for Expenses

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(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
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CA Hemant T Dewani

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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
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Amit Sharma

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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.
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CA. Kirti S. Ganatra

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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
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CA. GOPAL SONIKA

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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
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R.V.RAO

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R.V.RAO (Expert)
05 May 2008 I AGREE WITH C.A SRI HEMANT DEWANI.
R.V.RAO
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