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TDS

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This query is : Resolved

CA Priya (Querist)

17 June 2010 Hello......... I need a clarification yer...... I deduct tds as and when i create provision and remit the same to govt before subsequent month 7th..... But if that transaction is cancelled and no service and hence no invoice and no payment........ So i end up in paying tds from my hand and i end up in loss na...... So i should pass provision entry only if am sure of that transaction right.........

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

17 June 2010 Basically Provision need to be passed the work or service already done but the invoice not received or some other reason actual expenses maynot booked. such as case transaction canceltation very low percentage for avoiding that as you suggest better pass provision entry only for sure transactions

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