TDS
This query is : Resolved
12 April 2010
Whether TDS is required to be deducted when quaterly accounts are prepared and provision for interest is made but the same is reversed on the next day
12 April 2010
NO.
12 April 2010
Request you to plz provide the reasons for your comment
12 April 2010
Dear Pankaj,
TDS shall be made at the time of payment of the interest or credit to the account of the payee whichever is earlier. However, TDS once made on payment should not again be made on the same amount at the time of credit and vice versa. Since you are reversing the entry you are not required to deduct TDS. It should be deducted either at the time of payment or to the account of the payee.
Regards
TDS shall be made at the time of payment of the interest or credit to the account of the payee whichever is earlier. However, TDS once made on payment should not again be made on the same amount at the time of credit and vice versa. Since you are reversing the entry you are not required to deduct TDS. It should be deducted either at the time of payment or to the account of the payee.
Regards
12 April 2010
since int. is not charged to revenue,and you are making prov entries for your internal adjustments, so tds is not to be deducted.
12 April 2010
Agreed
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