AUDIT PROVISIONS RELATED TDS

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S KRUSHNUN (Querist)
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25 April 2011 For provisions made for Audit for FY2010-11, TDS payment to be made within 30-04-2011, while paying by challan no 181, what year to be chosen AY2011-12 or AY 2012-13? Filing ETDS as 26Q4FY2010-11 or 26Q1FY2011-12? Note: As the Audit fees will be paid in FY2011-12 ( for which provisions made by the company in FY2010-11)the auditor will show income in FY 2011-12 showing TDS ; the point is related AS26 which will be as per ETDS filed by deductor which if 26Q4FY2010-11 but deductee whose income is shown in FY2011-12 will get corelated - TDS claimed by deductee as FY2011-12 cannot be seen in AS 2011-12 !!!! Thanks S.Krushnun

RANGA SRINIVAS

RANGA SRINIVAS (Expert)
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25 April 2011 Dear

Year to be chosen AY 2011.12
The company should not worry what and when the payee will disclose the income. It depends on the method of accounting adopted.

In your case, you have to follow I think accrual system of accounting.

TDS to be deducted and remitted based on credit or payment which ever is earlier.

In your case credit is earlier hence to be deducted and remitted on or before 30.04.2011

regards

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