tds u/s 194 J
This query is : Resolved
16 July 2009
hello
my client is a pub. ltd. company and this com' accounts got audited during the financila year 2008-09 for 5 years. audit fee P.A. is 20,000/-. and the payment was made consolidated Rs. 100,000/- without deducting any TDS. C & AG had make querry on the TDS.
in this case, what are the remedies to avoid the TDS liabilities.
thanx in Advance
CA Amit Bansal
caamitbansal2007@gmail.com
my client is a pub. ltd. company and this com' accounts got audited during the financila year 2008-09 for 5 years. audit fee P.A. is 20,000/-. and the payment was made consolidated Rs. 100,000/- without deducting any TDS. C & AG had make querry on the TDS.
in this case, what are the remedies to avoid the TDS liabilities.
thanx in Advance
CA Amit Bansal
caamitbansal2007@gmail.com
16 July 2009
Dear Amit,
TDS is leviable on the Audit fee and it has to be paid b y on grossing up method. TDS @ 10.3% would be still applicable on the said transaction
Followig are the formulae for Grossing Up
Audit Fee*100/100-Rate of tax
=100000*100/100-10.3
=111482.7202
TDS=100000-111482.7202
=11482.72018
TDS is leviable on the Audit fee and it has to be paid b y on grossing up method. TDS @ 10.3% would be still applicable on the said transaction
Followig are the formulae for Grossing Up
Audit Fee*100/100-Rate of tax
=100000*100/100-10.3
=111482.7202
TDS=100000-111482.7202
=11482.72018
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