Provision for audit fees

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2010 Hi
Respected Member

Can any one tell me?

I am doing tax audit of pvt.ltd. for a.y. 2010-11 so auditor's remunaration for such year is required to make provision on 31st march 2010 or not?

OR

It will be required to make expenses in F.Y. 2010-11

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 July 2010 Yes required to make provision for Audit Fees and deduct TDS if it exceeds the threshold limit of Rs.20000/- on 31/03/2010.

Message likes : 1 times

Rahul Gupta

Rahul Gupta (Expert)
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18 July 2010 As said by you, it is a pvt ltd i .e a company, in such case for a company audit is compulsory. Also, as on 31st March, the turnover of the company indicates the requirements of the tax audit.

So provision for audit experience should be made on 31st March,2010.

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