It was submitted that it is impossible to deduct TDS on estimated provisions as the exact amounts could not be ascertained at the time of making provisions.
The Delhi bench “A” of the Income Tax Appellate Authority (ITAT) recently ruled on a case involving Tax Deducted at Source (TDS) applicability on accounting provisions made towards unfinished work. The assessee/appellant, Ajay Enterprises Private Limited, filed a return of income amounting to Rs. 92,06,590 for the Assessment Year 2017-18. The company followed the percentage…
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