manik (ca in practice) (420 Points)
25 April 2012our concern had stock audit directed by bank form some chartered accountant , they submitted the bill directly to the bank and the bank debited our account with the amount of the bill, my query is how should we book the entry in our books, if we book it as audit fees than whether we have to deduct tds.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 25 April 2012
yes..it is an audit fees of sorts.
Treat it u/s 194J.
CA Amit K. Ganar
(Practicing FCA)
(146 Points)
Replied 26 April 2012
From your perspective it is not a professional fees as you have not purchase any service from the stock auditor of bank.
For you it is bank charges as like as the bank processing fees or like that. You should treat it as bank charges or part of prosessing fees as it is part and parcel of bank to conduct stock audits.
| Originally posted by : Amit K. Ganar (CA,CS,LLB) | ||
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From your perspective it is not a professional fees as you have not purchase any service from the stock auditor of bank. For you it is bank charges as like as the bank processing fees or like that. You should treat it as bank charges or part of prosessing fees as it is part and parcel of bank to conduct stock audits. |
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