TDS on provision for expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2011
I recently seen an article where it says 'TDS needs to be deducted on provision for expenses'. If we deduct TDS on provision for expenses without receiving the original bill then in order to comply with the applicable provision we also need to deposit it to the IT Dept within seven days from the end of the month in which it is deducted. Will it not amount to payment in advance.
CA PARAS BAFNA
(Expert)
12 June 2011
It is the TDS Payable liability of the assessee against which the payment is being deposited with the Govt. It will therefore clear the liability.
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