TDS provision of audit fees
Monica Raghani (46 Points)
08 May 2019
what will b the entry for TDS provision of audit fees as on 31/3/2019
7 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 May 2019
Dr. Audit Fee A/c - XXXX
Cr. Audit Fee Payable - XXXX
Dr. Audit Fee Payable - XXXX
Cr. TDS on Professional Fee - XXXX...
(But, Generally Tds not applicable on provision. Bcoz, May be Taxpayer can change the Auditor. So, It's not correct. Better to deduct at billing or Payment).
Cr. Audit Fee Payable - XXXX
Dr. Audit Fee Payable - XXXX
Cr. TDS on Professional Fee - XXXX...
(But, Generally Tds not applicable on provision. Bcoz, May be Taxpayer can change the Auditor. So, It's not correct. Better to deduct at billing or Payment).
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 08 May 2019
TDS needs to be made at the time of making provision of audit fees.
entry as follows
Audit Fees. Dr. xxxx
To TDS payable. xxx
To Audit Fees payable. xxxx
entry as follows
Audit Fees. Dr. xxxx
To TDS payable. xxx
To Audit Fees payable. xxxx
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 May 2019
Then which name will be deduct TDS and it's payments...
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 08 May 2019
in the firm's name who audits the account. suppose if ABC &Co CA is the auditor then in the name of ABC &Co provision needs to be made and TDS to be done
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 May 2019
Thank You Dear for Your reply...
As per Your reply.,
At 31st March I think to give my books to ABC & Co and will be deduct TDS.
After some discussion/misunderstand/cost basis/other reason I will give my books to another CA... Then what...???
As per Your reply.,
At 31st March I think to give my books to ABC & Co and will be deduct TDS.
After some discussion/misunderstand/cost basis/other reason I will give my books to another CA... Then what...???
Umesh Sharma
(student)
(350 Points)
Replied 09 May 2019
then you have to revised your TDS return and change the pan no of new CA
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