Tds on provision
This query is : Resolved
18 September 2013
What is the logic behind deducting TDS on Provisions made,when they are not credited to the party s account?\
For example
The entry passed for Audit fees provision is
Audit fees A/c ....Dr
To Audit Fees Payable A/c..
Here no credit is givin to auditors account,then on whose name TDS is to be made?
For example
The entry passed for Audit fees provision is
Audit fees A/c ....Dr
To Audit Fees Payable A/c..
Here no credit is givin to auditors account,then on whose name TDS is to be made?
CMA Ramesh Krishnan
(Expert)
18 September 2013
TDS is applicable on provision entries also even you are crediting any other payable account. incase you are not known the vendor name and not deducted TDS then the same expenses will be disallowed and allowed when you are deducting with party name
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