Provision for audit fees
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2010
Hi
Respected Member
Can any one tell me?
I am doing tax audit of pvt.ltd. for a.y. 2010-11 so auditor's remunaration for such year is required to make provision on 31st march 2010 or not?
OR
It will be required to make expenses in F.Y. 2010-11
Respected Member
Can any one tell me?
I am doing tax audit of pvt.ltd. for a.y. 2010-11 so auditor's remunaration for such year is required to make provision on 31st march 2010 or not?
OR
It will be required to make expenses in F.Y. 2010-11
18 July 2010
Yes required to make provision for Audit Fees and deduct TDS if it exceeds the threshold limit of Rs.20000/- on 31/03/2010.
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18 July 2010
As said by you, it is a pvt ltd i .e a company, in such case for a company audit is compulsory. Also, as on 31st March, the turnover of the company indicates the requirements of the tax audit.
So provision for audit experience should be made on 31st March,2010.
So provision for audit experience should be made on 31st March,2010.
19 July 2010
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