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TDS on Prov march ending

kiran (accountant) (413 Points)

28 March 2020

Deduction of TDS on Prov march ending its compulsory.

what is impact if not deduct.

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4 Replies

CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN") (114215 Points)
Replied 28 March 2020

If you are making provision for expenditure then you need to deduct and deposit TDS at applicable rates, failing which such expenditure will be disallowed.

1 Like

Spurto Consultancy Services (Consultant) (1891 Points)
Replied 28 March 2020

Yes TDS have to be deducted on the provisions made.

ramesh (service) (114 Points)
Replied 29 March 2020

If you fails to deduct Tax at Source then as Section 201A following will be consequences

Non-deduction of TDS, either in whole or part

1% per month

From the date on which the tax was to be deducted to the actual date of deduction

Non-payment of TDS (after deduction)

1.5% per month

From the date of deduction to date of actual payment

kiran (accountant) (413 Points)
Replied 29 March 2020

If exp provision Rs.45000 of march ending Tds deduct 10 % on it but actual bill received lower amount in April of Rs.38000 how treat & if bill received higher amount of provision Rs.50000