Tds on ca audit fees
This query is : Resolved
Sankar Chakraborty
(Querist)
07 November 2013
We are a pvt ltd company and in balance sheet 12-13; Audit fees provision was 47210.00 as on 31.03.2013
Now (07.11.2013 ) we are going to pay to our CA
Should we deduct tds u/s 194J ?
If deduct and deposit tax to govt. should this exp be allowed for the a.y. 2013-14
Or interest require to deposit alongwith the tax, please guide
Now (07.11.2013 ) we are going to pay to our CA
Should we deduct tds u/s 194J ?
If deduct and deposit tax to govt. should this exp be allowed for the a.y. 2013-14
Or interest require to deposit alongwith the tax, please guide
CMA Ramesh Krishnan
(Expert)
07 November 2013
TDS need to be deducted either bill booking ( crediting ) or payment which ever is earlier. even you are creating provision TDS need to be deducted.
Since you have not deducted on creating provision, now on payment you can deduct and pay (7/11/13)
TDS will attract 10% u/s.194J. the same expenses will be allowed current year (fy-2013-14)
Interest will apply on late deduction at the rate of 1% per month or part of month from the date of provision
Since you have not deducted on creating provision, now on payment you can deduct and pay (7/11/13)
TDS will attract 10% u/s.194J. the same expenses will be allowed current year (fy-2013-14)
Interest will apply on late deduction at the rate of 1% per month or part of month from the date of provision
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