Correct or incorrect journal entry

This query is : Resolved

Daya (Querist)
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18 February 2014 At the end of current Year.

Audit Exp. A/C---Dr
Service Tax Input Dr--
Ec Input A/C Dr--
SHEC Input A/C D
To Provision for Audit exp.
To Provision For TDS Payablle.

At the Beginning of the Coming Financial Year On receipt of Invoice.

Provision for Audit exp. A/C Dr--
Provision for Tds Payable A/C Dr.--
TO Creditors For Audit fee
To Tds payable U/S-194 J
(Tds will be deducted in coming financial year)
Thanks In advance.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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18 February 2014 1. You CANNOT avail CENVAT credit of service tax without receipt of invoice.

2. TDS is required to be deducted at the time of credit or payment whichever is earlier.
Accordingly TDS is required to be deducted at the time of provision.

Daya

Daya (Querist)
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18 February 2014 But sir why we can deduct TDs because We not made payment and also not received service from auditor .Because audit can be done after closing of financial year.and auditor name is also not confirmed, so why i can deduct TDs.

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