Provision for last year
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
19 August 2008
If we got a bil for professioan service for the year 2007-08 in August, 2008 for 1 lac.Should provision made in the Balance Sheet of March, 2008? If we do so TDS have to deducted and we have already filed the TDs return.
Can i just make a provision in last year and deduct TDS in cuurrent year or provision can be made in current date?
Please guide in detail.
Can i just make a provision in last year and deduct TDS in cuurrent year or provision can be made in current date?
Please guide in detail.
S.Srinivasaraghavan
(Expert)
19 August 2008
If this is a service you have already availed and you know the value and you are keeping the books on accrual basis you should have provided for in the year of incurrence. THE tds provisins will apply accordingly.
If you have not complied with the provisions penal provisions will apply.
If you have not complied with the provisions penal provisions will apply.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Under marginal scheme
- Import of Software Service.
- Capitalgain tax purposes for valuation report compulsory
- TAX AUDIT ON PROFESSIONAL INCOME
- GST on Renting godown to KFCSC for Storage of Raagi
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
