Hi
Can we deduct TDS on provision of expense if we know the party name but didnt receive the invoice? And, what will be the adjustment if the party raise invoice in Apr,20?
2 Replies
Jamil
(Accountant)
(33 Points)
Replied 08 May 2020
If the service has been delivered by the Vendors that attract TDS provision during the current reporting period and the Value of Service is readily available and measured, Provision has to be created for TDS payable on March 31st despite the Invoice received in next FY
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36398 Points)
Replied 10 May 2020
TDS needs to be deducted when we know details of supplier and the amount involved with accuracy at the rate specified as per Income Tax. In your case as you have all the necessary data with you you must deduct TDS and pay accordingly.
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