TDS ON PROVISION
This query is : Resolved
09 May 2011
Dear All
we make provision for expenses payble on 31.3.11 without deduction of TDS on the ground that nither we are credited to party nor we are making any payment. Subsiquantly we deducted the TDS at the time of credit to party on Receipt of Bill in the month of april -11. IS the treatment is right or we have to deduct TDS at the time of Provison, Please Advise
we make provision for expenses payble on 31.3.11 without deduction of TDS on the ground that nither we are credited to party nor we are making any payment. Subsiquantly we deducted the TDS at the time of credit to party on Receipt of Bill in the month of april -11. IS the treatment is right or we have to deduct TDS at the time of Provison, Please Advise
09 May 2011
Tax has to be deducted at the time of provision only. Because the TDS sections specifically require that Tax should be deducted at the time of payment of credit whichever is earlier. However, even if you are not crediting to the party yet, the section requires that tax has to be deducted irrespective of the account to which the amount payable is credited. So deduct tax at the time of provisions only.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
