should a provision be made for termination pay in the books at the year end along with provision for gratuity?
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Provisions to be made at the end of the year
Replies (4)
If the event is known and the amount can be decided,you should make provision,provided it is material.
kkm
i have advertising bills worth Rs.50000/- dated 30/03/2012 today , so shall i make provision in last year and pay in this year or directly book the bills in 30/03/2012 date as i have date till 07/04/2012 to deposit the tax deducted in March 2012 ..
Please advise.
| Originally posted by : Ravishankar K | ||
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i have advertising bills worth Rs.50000/- dated 30/03/2012 today , so shall i make provision in last year and pay in this year or directly book the bills in 30/03/2012 date as i have date till 07/04/2012 to deposit the tax deducted in March 2012 .. Please advise. |
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You can make a provision for advertising expenses against the bills and payment can be made in further. TDS deducted also paid on on before 30th April, 2012 instead of 4th April, 2012.
You should make provision for advertisement expense in FY 2011-12, since invoice is dated 30th March 2012 (which falls in FY 2011-12), and pay the TDS on or before 30th April 2012.
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