Tds on provision
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2012
Dear sir,
Ours is a MNC Company we made provision for March 2012 Excluding Service Tax Portion. now service Tax portion is Deducted in the Current FY 2012-13 is it Correct?.
some Cases we made Excess & Low provision as compared to Original Invoice Value, we are using SAP software How can we will Adjust Excess & Low Provision amount.
Please suggest me ASAP.
Regards
Sreenatha Reddy
Ours is a MNC Company we made provision for March 2012 Excluding Service Tax Portion. now service Tax portion is Deducted in the Current FY 2012-13 is it Correct?.
some Cases we made Excess & Low provision as compared to Original Invoice Value, we are using SAP software How can we will Adjust Excess & Low Provision amount.
Please suggest me ASAP.
Regards
Sreenatha Reddy
14 April 2012
Provision is an estimate and hence, it need not be equal to actuals. however, if a provision is made based on a bill, then it has to be correct and TDS has to be deducted eventhough credited to a provision account. Else the expenditure will be disallowed.
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