TDS on making provisions
This query is : Resolved
Guest
Guest
(Querist)
10 June 2008
On closing the books at at 31 st of march we are doing some provision for expenses payable.
Accounting entry will be :
Expenses A/c Dr.
To Expenses Payable A/c
Shall we deduct TDS on this provision, as we are neither credit nor paid to party.
Kindly advice
Thanks
Regards
Rajesh
Accounting entry will be :
Expenses A/c Dr.
To Expenses Payable A/c
Shall we deduct TDS on this provision, as we are neither credit nor paid to party.
Kindly advice
Thanks
Regards
Rajesh
10 June 2008
You shall definately have to deduct the TDS.
The entry will be:
Expense a/c Dr.
To Party/Payable (Net) Cr
To TDS Cr
If not having of credit you had not deducted TDS then expenses are not allowed u/s 40(a)(ia)
The entry will be:
Expense a/c Dr.
To Party/Payable (Net) Cr
To TDS Cr
If not having of credit you had not deducted TDS then expenses are not allowed u/s 40(a)(ia)
10 June 2008
Crediting to the party's a/c is not essential for tds deduction. Even crediting to suspense a/c will require deduction of TDS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ITDS U/S.194T of Firm
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- Eway bill not cancelled within 24 hous what can be due
- DIN reactivation
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
