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 ..........................................................
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
please deal income tax & firm accounts separately for this particular issue
Thanks everyone for valueable advices.......
CAclubindia
