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.
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