Income Tax , TDS on provision of expenses
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Discussion < Income Tax < TDS on provision of expenses
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students zone,CA Students
karan


[ Scorecard :197 ]

DO any body know the exact provision of TDS deductibility in provision of expenses at year end.???








CA VIKAS JAIN


[ Scorecard :3070 ]

TDS on provision for expenses ????


RAVINDRA JHA


[ Scorecard :321 ]

PROVISION IS NOPT ALLOWED EXCEPT BANKING CAOMPANY, SO HOW TDS ON PROVISION IS ALLOWED UNDER INCOME TAX ACT. SO I THINK TDS ON PROVISION IS NOT ALLOWED


CA ASHISH KUMAR GOEL


[ Scorecard :75 ]

Generally TDS on provisions is not needed as TDS is applicable at the time of credit to the Service provider's Account in the books or Payment whichever is earlier. In case of provision for expenses, credit is not given to the Service provider's account.

However there is one exception, for Providing the Audit fee, TDS is to be deducted being a certain laibility.


CA SUBHASH KR.


[ Scorecard :11824 ]

TDS on provision of expenses is deductable .


Venkat


[ Scorecard :219 ]

As per Income Tax a person has to deduct TDS on the whole amount of bill ,i.e, 128.36.

It does not matter whether it includes any type of reimbursements or any thing else.

  In simple terms if the contractor gives you 1 bill inclusive of anything, you need to deduct TDS on the Gross amount of the bill.

-----------------

Download: TDS Software


Siddharth Bumb


[ Scorecard :7112 ]

yes it is deductible.


PANKAJ BANSAL


[ Scorecard :642 ]
yes it should be deduct

Mayank Rastogi


[ Scorecard :58 ]

TDS is applicable only when the payment is made or bill due whichever is earlier. In case of provision there is no need to deduct TDS because neither we have made the payment nor bill is due.


PANKAJ BANSAL


[ Scorecard :642 ]

NO DEAR


Abhishek Prahladka


[ Scorecard :74 ]

On provision of expenses no TDS liability occurs.


Vikas Kumar


[ Scorecard :92 ]

On provision of exp TDS deductable


Naresh Aggarwal


[ Scorecard :54 ]

TDS is not dudcutable on provisions


Krishna Chandra Santi


[ Scorecard :2802 ]

Provision for expenses are not allowable expenditure under income tax act, Thus no question of TDS.


Ankit Jain


[ Scorecard :79 ]
You will have to deduct TDS on the provision for expense, wherever applicable as at the time of creating a provision we pass the credit entry in Provision for expense account instead of party account. Now as per Income Tax Act, you are liable to deduct TDS if you have credited the party account or Suspense or by whatever name called. Provision for expense is covered under this defination and hence TDS has to be deduced

CA. Ajay Agrawal


[ Scorecard :587 ]

Dear Friend TDS is very well deductible on the PROVISION FOR EXPENSES._ and ofcourse you have to meet that expenses before finalisation of the IT return. otherwise it will be added back to the income.


CA Chandra Shekhar


[ Scorecard :154 ]

Please share from where I can get ICAI Tax Suite Software? My software is corrupted now, and want a fresh copy to download


CA Bhagirath Ghare


[ Scorecard :123 ]

Tax Suite – Software Freely available just click on the below link and get your copy immediately:

Link: http://icai.taxsuite.in/subsinfo.htm?mid=00000


JAGDISH DHAMIJA


[ Scorecard :474 ]

No TDS deductable on provisions of expenses...


deepak gupta


[ Scorecard :334 ]

hello...

Please advice !!

What is the present status of Bullion with respect to 22 cart and 24 carat gold coins in terms of TCS?


CA RAVI KUMAR


[ Scorecard :388 ]

i agree with Mr. ANKIT JAIN. tds should be deducted on such provision

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