tds
This query is : Resolved
22 March 2011
should tds need to be deducted on monthly proviosonal entries made by the company
or
for the year end provison?
or
for the year end provison?
22 March 2011
No. TDS to be deducted only on provision made on 31st March.
22 March 2011
what if the amount is only possible to estimate and the actual later is more or less?
22 March 2011
It should not be as you are given time till 30th April to deposit TDS so you have time to take the correct figures.
22 March 2011
suppose on 31/3 i make a provison for expense of rs 300000
1.whether tds should be deducted on 31/3
2.if later actual is more or less?
1.whether tds should be deducted on 31/3
2.if later actual is more or less?
22 March 2011
On 31st march you deduct on prov and not on actual payment. So you have the time to get the correct details from the party.
Say you are making prov for audit fees you can confirm the same from auditor by 30th april and deduct the TDS on 31st march date and deposit on 30th april which is due date of payment.
Say you are making prov for audit fees you can confirm the same from auditor by 30th april and deduct the TDS on 31st march date and deposit on 30th april which is due date of payment.
Murtaza I Bhagat
(Expert)
22 March 2011
yes, agreed you have given one month time to decided and rectify it if any rectification required,
don't get confused its so simple as told by expert as above you have to just passed entry as provision and deduct as on. but afterthan if you found any mistake in calculation you may do the correction and deposit on or bf 30 april
don't get confused its so simple as told by expert as above you have to just passed entry as provision and deduct as on. but afterthan if you found any mistake in calculation you may do the correction and deposit on or bf 30 april
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