Tds in provisions

This query is : Resolved

hinduja (Querist)
Follow

13 April 2021 we are booking march bills, dated 1.4.2021.
bills are recd in April and dated 1.4.2021 /2 4.2021/3.4.2021

we are debiting expense and crediting provision for expense

do we need to book tds and

do we need to book tds at new rate (10% /2%) or reduced old rates 7.5%/1.5%) for 194 J and 194C

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
Follow

13 April 2021 Since provisional entries are made in March itself, you need to deduct tax at source at applicable rates for March (i.e. at reduced rates for FY20-21)

Message likes : 1 times

hinduja

hinduja (Querist)
Follow

18 April 2021 thank you for the clarification