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Provision & Outstanding Liablity

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(Querist)
12 June 2008 If provision for expenses and Outstanding Liablities is same thing? Do we require to deduct TDS on Provision
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C.A Rohit Gambhir

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C.A Rohit Gambhir (Expert)
13 June 2008 Outstanding Liablities means the liability which is certain in nature i.e. respective invoices are available for payment. while provision for expenses are based on past experience, nature of industry, and available invoices. Provision are basically not certain innature.

As per IT Act, Tds needs to be deducted even on provisions.
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