Tds on provision for bonus

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2015 Dear Sir/Mam,

I just wanted to ask, whether TDS should be deducted on provision for bonus in the year in which provision is made to get deduction in the assessment year in which provision for bonus is created if TDS is paid on or before filing IT return.

eg. Provision for Bonus of Rs. 1 lakh made in FY 14-15. No Tds deducted in FY 14-15. However client is promising that they will deduct and pay Tds on bonus before Sep 15.

My question is, are they require to make provision for Tds in FY 14-15 to allow bonus provision in FY 14-15 itself in IT return??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 July 2015 For salary TDS applicable only at the time of payment not on accrual basis.

CMA Gul S

CMA Gul S (Expert)
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13 July 2015 No Provision can be made it has to be on actual basis

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 July 2015 agreed with seetharams view

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