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Tds

This query is : Resolved 
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(Querist)
30 December 2012 Dear sir,

We paid Rs.70770/- as audit fee for the F.Y 2010-2011. but we forgot to cut TDS on that amount.the same tds amount was paid in this year.Can they set off this tds amount with current year income?

Rergds.

Shyamlal.K
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V K Bajaj

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V K Bajaj (Expert)
31 December 2012 Mr Shyamlal

Your auditor should have guided you properly and well in time while receiving the audit fee.

As the fee relating to 2010-11 was paid in 2011-12 so you can take up the TDS (already deducted and deposited) on payment basis. In short you can set off this year.
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SANJAY TALATI

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SANJAY TALATI (Expert)
01 January 2013 As the TDS was not deducted and deposited in FY 2010-11, the Amt. of Audit fee would be disallowed in FY 2010-11.

It would be allowed in the year in which the TDS on Audit fee is deposited.
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