TDS ON AUDIT FEES
Querist : Anonymous
THEN WHICH TDS RATE TO BE TAKEN I.,E IN LAST YEAR 20000/- WAS LIMIT,
BUT THIS YEAR 30000/- THEN WHICH LIMIT TO BE TAKEN.
Querist : Anonymous
but suppose audit fees is fixed on 25th september.
and provided upto 31/03/2010
then it is late deduction of tds & deposited & interest liability arises in books of client.
also
Querist : Anonymous
then with IT authority we can argue that we received late bill.
Querist : Anonymous
who will bear that interest portion , auditor or client?
on late deposit of tds.
and TDS return should be revised or not.
bcoz client do not knw at time of 31/03/2010 that how much audit fees will be..
and client filled tds return of last fourth quarter.
Querist : Anonymous
bcoz audit fees alwz decided at the end .i mean in month of sept in mostly cases.......
Querist : Anonymous
then how client will bear thses int. amt.
u mean those client whose audit fees decided after may.
these all client revised their tds return.???
Querist : Anonymous
The assessee/client is aware of his business & is also tentatively aware of the professional fees payable to auditor. So he is suppose to provide the expense on accrual basis & suppose to do TDS on booking the expenditure in the books.
If there is default or delay the assessee/client has to bear the consequence, including interest on late remittance of TDS.
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