This Query has 1 replies
Generally Audit Fees is decided by the Board of Directors in consultation with the Auditors at the time of finalization of accounts, which mostly are done in August. Provision for the same is made in the previous year for which TDS is required to be paid in May and Return is required to be filed in June. Generally it is very difficult on or before end of May to finalize amount of Audit Fees and sometime even name of Auditors. There may be some instances where amount of Audit fees differs or Auditors may change like:
a) Statutory Auditors were appointed as Tax Auditors after end of May.
b) Other Chartered Accountant is appointed as Tax Auditors instead of Statutory Auditors in earlier year.
c) Auditors resigned or otherwise termination of assignment and another Auditor is appointed.
d) Merger/ Demerger of Audit Firms takes place.
In these types of cases it is difficult to pay the TDS on Audit Fees on or before end of May, file TDS Return and issue TDS Certificate before end of June. TDS certificate is required to be handed over to the deductee within 7th June i.e. TDS Certificate is to be handed over before completion of assignment and payment.
In these circumstances what should be the date for deduction and payment of TDS -- 31st March and 31st May or within 7th day of following month in which accounts are finalized.
If dates are 31st March and 31st May there is a genuine reason to relax the provisions in this regard.
This Query has 4 replies
Please give TDS Rate chart of Financial Year 2008-09
This Query has 2 replies
please give any small software which includs all income tax related challan or forms or documents.
This Query has 1 replies
Hellp
My query is that whether education expense (tution fees, exam fees, foreign travellin expenses) on employee will be treated as perquisites in the hand of employee.
What about the FBT on the same?
Please provide me any reference materail if you have regarding your answer..
thanx
Himanshu
This Query has 3 replies
It is mandetory from 1st of April, 2008 to pay tax on line. But in first week of April,2008 we have paid tax in bank via challan. Bank also accepted the same.
Will it create a problem in future assessment or it is valid? Please guide.
This Query has 7 replies
Is is possible to apply PAN for minor?
can we apply it or not
This Query has 1 replies
CAN SOMEONE HELP WITH ADVICE ON THE BELOW.
(I)If TDS recovered from
(a) Salries
(b) Consultacny paid
(c) Rent
(d) Contractors payments
(e) Interest paid
during Apr07-Feb 08 is not paid before March 31 st, 2008, will the expenditure be disallowed for the purpose of IT computation.
(II) If PF recoveries/ contributions recovered from salaries pertaining to Apr07-Mar 08 are not paid before March 31,08 , what will be the impact.
(III) If fringe benefit tax pertaining to the period Apr07-Mar 08 is not paid before 31st march'08 , what will be the impact.
This Query has 1 replies
if the financial year closed 2007-08 and bill received for the month of March-08 as on 08.04.2008. bill of courier.
in such case the entry is
postage & courior A/c Dr
To expenses payable
To TDS on contractor
entry for next year
expenses payable a/c dr.
To XYZ
is it right.
This Query has 4 replies
what is the rate of TDS deducted to catering bill. is it contractor?
This Query has 3 replies
Is TDS on BONUS & LEAVE PAY deducted only if it is paid ?
Kindly quote relevant Section/Rule.
Thanks.
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TDS on Audit Fees