TDS ON PROVISION
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 April 2011
I MADE PROVISION ENTRY OF LEGAL AND PROFESSION OF RS.75000/- TO OUTSTANDING LIABILITY. IT IS NECESSARY TO MADE THE PROVISION OF TDS @ 10%ON THE ABOVE ENTRY?
DR LEGAL & PROFESSIONAL 75000/-
CR OUTSTANDING LIABILITY 75000/-
DR LEGAL & PROFESSIONAL 75000/-
CR OUTSTANDING LIABILITY 75000/-
29 April 2011
YES, ITS MANDATORY TO DEDUCT TDS ON PROVISION ENTRY.
DR LEGAL & PROFESSIONAL 75000/-
CR OUTSTANDING LIABILITY 67500/-
CR TDS PAYABLE -7500
DR LEGAL & PROFESSIONAL 75000/-
CR OUTSTANDING LIABILITY 67500/-
CR TDS PAYABLE -7500
Guest
Guest
(Expert)
29 April 2011
Tax needs to be deducted on Credit or Payment basis whichever is earlier.
You should deduct Tax at 10% on Credit basis.
Tax needs to be deducted on Credit or Payment basis whichever is earlier.
You should deduct Tax at 10% on Credit basis.
29 April 2011
Tax must be deducted at the time of payment in cash or cheque or credit to the payee's account whichever is earlier. Credit to payable account or suspense account is also considered to be credit to payee's account and TDS must be made at the time of such credit.
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