Tds on Audit fee if increase in provision

Mounika N (2 Points)

02 May 2024  

Hello everyone, Actually I recently started working as an Accountant in a Company. In books of Accounts, there was a provision for audit fee in FY: 2022-23 for Rs. 4,00,000 after deducting tds 360000 was bought forward to FY: 2023-24 as Audit fee payable. But original bill was raised for 473180 including GST. So , I passed the following entry while making payment 

Audit fee payable   360000 dr

Audit fee.                 41000 dr

GST.                            72180 dr

       To Bank   473180

I want to know whether I accounted it correct or not. Should I deduct any extra TDS or there are any other errors. Kindly please clarify my doubt. Thank you.