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Urgent- tds on provision of professional fee

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(Querist)
05 June 2015 our company has received bill of internal audit fee. We have passed following entry: Professional Fee. Dr. To Professional fee payable Now please suggest whether TDS is to be paid even if fees is remaining unpaid
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
05 June 2015 Yes TDS needs to be deducted and deposited within due date even is fees remain unpaid. TDS is deducted on the date of payment or credit whichever is earlier. So here you need to deduct TDS u/s 194J @10% if threshold limit of Rs 30000/- p.a. is crossed.
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srinivasan

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srinivasan (Expert)
15 June 2015 Also note that if the party does not have a valid PAN then the TDS would be @ 20% u/s 206AA and cannot be restricted to 10% u/s 194J.


In the case of audit fee etc. it is already decided upon and fructified but awaiting the approval in the AGM etc. Thus, by going through the recent judgment of ITAT [TS-305-ITAT-2015(Bang)] TDS need to be deducted on provisions as well
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