Provision & Outstanding Liablity
This query is : Resolved
12 June 2008
If provision for expenses and Outstanding Liablities is same thing? Do we require to deduct TDS on Provision
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.
As per IT Act, Tds needs to be deducted even on provisions.
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