Provision of audit fees and tds for the same

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Here is a big problem against me as i dont made the provision for audit fees and tds thereon for the financial year 2016-2017.

now after recieving the bill of rs. 2,20,000.00 what should we do 

and what are the concequences of the same. 

pleas help guys ..........................................................

Replies (8)

you can enter it now in books, deduct the tds,, pay the tds with interest ,revise your tds returns-it will be allowed in income tax return.

Thanks ,

but is this the only way or could i record the same in the current year and deposit the tds with the current year tds...

 

In this case 30% of your expense will be disallowed in this year return & you can claim it in the year as & when you pay it

Thanks,

Kindly refer the section please....

 

it may be 40(ai) or 40 (a) of income tax

If you book previous years Audit fees as an expense for the current year it will qualify as prior period item and will be disallowed

please deal income tax & firm accounts separately for this particular issue

Thanks everyone for valueable advices.......

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