Please Help: TDS on Provision

Posted Date : 13-Oct-2011 , 01:38:05 pm | Posted By Ashish Sanghi

Is TDS is required to be deducted on Quaterly provision of audit fees and expenses

Category : Income Tax | Answers : 3 | Comments : 2 | Hits : 754

Answers

Answer By: Ashish Karundia

Dear Ashish,

TDS needs to be deducted in case of quarterly provisions made for audit fees and expense because TDS needs to be deducted at earlierst of date of payment or date of credit (even if expense credit to suspense account).

Hope this suffice the above.

Answer By: CA VIKAS JAIN

yes, according to sec 194J its a professional payment so tds should be deducted whenevr payment cross the adhoc limit

Answer By: PRIYANKA

Yes , TDS needs to be deducted at the earlier of amount credited or paid according to Sec 194J, so at the time of making provision, TDS is required to be deducted, no matter it is paid afterwards.