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TDS on provision & subsequent billing

A/c entries 125 views 2 replies

vaibhav

student

253 Points Joined January 2009

Hello,

We have provided provision of expense on Mar'20 with applicable TDS rate. Now if we receive party's bills post 14.5.20 wherein TDS applicable with abated rate of 25%.

Now what to do in this case, as we have given excess TDS credit / payment by 25% of TDS rate.

Thanks in advance.

Replies (2)

Asha Kanta Sharma

Manager - Finance & Accounts

58217 Points Joined June 2010

Entries booked in Accounts before 14th May 2020 will have normal TDS only.

Yasaswi Gomes new

Finance

4545 Points Joined September 2020

Hi do every calaculate tds using a different formulae eg. Tds on bonus has one. Or is it safe to follow cleartax or tax adda rates? I think the latter os easy.