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.
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