whether TDS is applicable on all provision made on year end which are required as per accounting standarda and general practices.
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TDS
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TDS is applicable on the provision entries, only on the statutory related payments, e.g. consultants, contractors etc.,
The following expenses provided would attract TDS as required by law:
Audit Fees provided if it exceeds Rs. 30k
Provision towards payments to be made to contractors/sub-contractors/advertising agency
Provision to be made towards commission
Provision made towards rent payable
Any other professional payment provison made in the accounts whihc exceeds Rs.30k per provision'
TDS is to be provided on every expense which attracts TDS, and exceeds the limit prescribed u/s 192 to 194 as per The Income Tax Act 1961 for single payment or aggregate payment respectively.
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