Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 August 2012
sir i want to know that pnb bank had deducted the tds on the bank audit fees on 31st march and deposited to the income tax deptt. on the same date and audit fees received to the auditor on april then how will the auditor treat for the same and what entry will be made for the same on which date ?
18 August 2012
Auditor have to be trteated this transaction as follow.
on 31st March... Audit fee Receivable Ac dr.
to Income Account.
in April ..... Bank/Cash Ac. Dr.
to Audit Fee Receiable Ac.
on 31st March... Audit fee Receivable Ac dr.
to Income Account.
in April ..... Bank/Cash Ac. Dr.
to Audit Fee Receiable Ac.
18 August 2012
TDS amount will also be debited in the books of the auditor on 31st march
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