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pymt of bonus in f.y. 10-11 provided in 09-10

This query is : Resolved 
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(Querist)
16 January 2011 Dear All,

We've provided bonus to 4 directors total rs.4 lacs in f.y.09-10.

we are going to pay this bonus in this month.i.e. f.y.10-11.
we will deduct tds on this pymt at the time of actual payment of bonus with ref to sec 192.

is this correct to deduct tds on bonus pymt at the time its actual payment, though the provision is made in f.y.09-10. or should we have deduct tds at the time of provision i.e. in f.y. 09-10?

Waiting for reply..
Thanks in advance
Regards,

Sushil.
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Ravikant

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Ravikant (Expert)
16 January 2011 Tax deduction under Sec 192 is warranted only at the time of actual payment. Hence, if you make provision as per merchantile system of accounting, tax shall not be deducted under sec 192.Tax deduction shall always be made only on actual payment irrespective of method of accounting followed,,
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