TDS
This query is : Resolved
10 June 2011
What is the difference between Provision for exps. and Outstanding exps.?
And is there any rules, that TDS should be deducted on outstanding exps. whereas, TDS should not be deducted on provision for exps.
And is there any rules, that TDS should be deducted on outstanding exps. whereas, TDS should not be deducted on provision for exps.
10 June 2011
Yes provisions and outstanding bith are different.....provision is made on some adhoc or some scientfic basis whereas outstanding thing is made on actual basis that is the expenses have been sure shotly incured but not recorded in books when the books of accounts were closed so its shown by way of adjustment entry also sometiime the expenses which have been incured but not yet paid they are also recorded in books by the name of outstanding....
10 June 2011
And yes there is no need of deducting TDS on provisions but on the outstanding's you need to deduct TDS and reason has been mentioned above
11 June 2011
agreed with the expert
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