Provision of audit fees

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2016 Dear Experts,
I have made provision for audit
Fees as on 31/3/2016. Plz let me know is it mandatory to made the payment of audit fees till filing date of return if dont pay then what will be consequences,

Regard
Mohit kumar

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2016 it should have been....but as of now it is NOT....
hope you must have made the TDS, if applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2016 Aidit fees does not cover tds provision

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2016 Oh I see.
Our audit team normally covers it under section 194 J. Anyway, choice is yours.....

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2016 Sorry. I mean audit fees for AY 2016-17 has not crossed threshold limit u/s 194J

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2016 that is fine.....then no TDS u/s 194J...

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2016 then if audit fee for which the provision was made as 31/3/2016 is not paid till the date of filing return weather the said exp. become disallowed or not.

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2016 no, it is not disallowed....
(I wish to be like what you are saying........ but unfortunate for CAs and may be fortunate for business people, it is NOT included in section 43B)
http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx ......for section 43B

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