Audit Fee paid to auditor suresh rs 10000 through bank. How to make entries in tally. Auditor suresh name which head group. Audit fee paid which head group. Audit fee payable which head group. Plse guide me sir.
Appanna (Supervisor) (63 Points)
14 October 2020Audit Fee paid to auditor suresh rs 10000 through bank. How to make entries in tally. Auditor suresh name which head group. Audit fee paid which head group. Audit fee payable which head group. Plse guide me sir.
prasad Nilugal
( GST Practitioner & Accounts )
(14217 Points)
Replied 14 October 2020
TDS is applicable under 194J under Income Tax act for professional fees if payment exceeds above 30000/- in the year
Booking Entry
Audit Fees A/c Dr
To Auditor Suresh A/c Cr
To TDS on professional fees A/c Cr
( Audit fees payable after deduction of TDS )
Audit fees under Indirect Expense P&L , Auditor Suresh A/c under Trade Creditors , TDS on professorial fees under Duties & Taxes
Payment Entry
Auditor Suresh A/c Dr
To Bank A/c Cr
( payment of Audit fees to Auditors)
TDS payment
TDS on professional fees A/c Dr
To Bank A/c Cr
( payment of TDS to GOVT account )
Appanna
(Supervisor)
(63 Points)
Replied 15 October 2020
Thank you very much for your kind guidance sir.
CAclubindia
