TDS Ded on provision
This query is : Resolved
Rashmi Ranjan Das
(Querist)
19 May 2022
Dear Experts,
TDS should be deducted during provision entry. For example, ABC Ltd booked the provision of audit fees for March 2022 Rs.100000.00 and the invoice received on 10th Apr 2022 Rs. 118000.00 including GST .
My question is
1) Should the company deduct TDS @10% of Rs. 10000.00 at the time of Provision entry.
2) if not booked TDS during provision entry then they can deduct TDS when invoice booking.
Kindly suggest me.
TDS should be deducted during provision entry. For example, ABC Ltd booked the provision of audit fees for March 2022 Rs.100000.00 and the invoice received on 10th Apr 2022 Rs. 118000.00 including GST .
My question is
1) Should the company deduct TDS @10% of Rs. 10000.00 at the time of Provision entry.
2) if not booked TDS during provision entry then they can deduct TDS when invoice booking.
Kindly suggest me.
CA R SEETHARAMAN
(Expert)
19 May 2022
1 yes, TDS should be deducted at the time of provision.
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