Whether the expense is deductible or not?
This query is : Resolved
16 July 2013
i have made provision for consulting fees in march 2013 and had paid the TDS accordingly.The consulting firm has given the bill of the date 05/07/2013 for which we had made the provision in march 2013.Whether such consulting expense will be deductible in the FY 2012-2013?
16 July 2013
a provision for an ascertainable expense made in reference to a specific expense shall be deductible in the same year in which the provision was made.
16 July 2013
Is it necessary to pay TDS on the amount of provision?
16 July 2013
yes khushboo. Once the provision is made as on 31 March 2013, you are required to deduct and deposit the withheld tax within the due date to avoid penalty interest.
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