Tds in provisions
This query is : Resolved
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
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
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)
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