Provision of audit fees
This query is : Resolved
01 October 2014
The statutory/ tax audit of an assessee is pertaining to FY 2013-14, however, the service rendered by the Auditor for the said financial year is in FY 2014-15 (assuming no Interim Audit conducted).
What would be the repercussions if no provision for audit fees is made as on 31.03.2014?
Whether it will be disallowed in the books of the assessee in FY 2014-15 as prior period item?
What would be the repercussions if no provision for audit fees is made as on 31.03.2014?
Whether it will be disallowed in the books of the assessee in FY 2014-15 as prior period item?
01 October 2014
Yes... they will be disallowed if scrutiny takes place...
01 October 2014
can you please elaborate on the section which highlights this issue
01 October 2014
No dis allowance attracted.
it means that you not followed the mercantile system that's it.
Prior period pertains to business (i.e., business expenses are allowed)- allowable
Example: If You made lessor provision for previous year and received more audit fee allowed on the basis of payment on excess paid by assessee.
It not be disallowed.
it means that you not followed the mercantile system that's it.
Prior period pertains to business (i.e., business expenses are allowed)- allowable
Example: If You made lessor provision for previous year and received more audit fee allowed on the basis of payment on excess paid by assessee.
It not be disallowed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- TAN for Partnership
- Last year TDS Claim
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- TDS related Query_Liquidated Damages
- What is provisional receipt number for generation of form 16A
- NON- SUBMISSION OF LLP FORM 3
- Long Term Service award taxability in hands of company
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
