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income tax

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(Querist)
29 December 2009 is the banker is liable to deduct TDS on the amount paid to auditor,appointed for conducting stock audit,which is debited by banker to customer account ?
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
29 December 2009 Yes, because audit fee is paid by Banks to the auditor.
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CA.SHAHZAD SAYYED

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CA.SHAHZAD SAYYED (Expert)
29 December 2009 Dear Jyothi
As Per Sec. 194J of IT Act, if Bank Paid Fees to Auditor in excess of Rs.20000 then it is liable to deduct TDS, However in your case Bank plays the Role of intermediary & it Doesn't debit the Auditor fees to P/L A/c it collect the fees from Customer & Paid to Auditor so no TDS is required.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
30 December 2009 yes , we need to deduct as per sec 194J
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