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Tds

06 May 2016

Adudit fees of Rs.5000 is paid to TS Auditing in cash TDS is also adjusted (tax @ 10% Surcharge @ 10% cess @ 2% & Edu Cess @ 1%) plz help me to solve this problem in tally & also send backup file.

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Harshit (CA Job) (27 Points)
Replied 06 May 2016

As prescribed under Section 194J of Income Tax, 1961:

"TDS is required to be deducted @ 10% on fees paid for professional or technical services". However there is no requirement to deduct TDS if the amount does not exceeds Rs.30,000.

Therefore, in your case the Company need not to deduct any TDS on the amount as the same is not exceeding the limit.

For Surcharge and Education Cess: There is no such requirement.

Please refer https://www.incometaxindia.gov.in/booklets%20%20pamphlets/tds-rates-eng.pdf