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TDS on making provisions

This query is : Resolved 
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Guest

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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
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shailesh prajapati

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shailesh prajapati (Expert)
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)
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
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.
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