Tally entries

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.

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Quick Summary
This discussion explains how to record audit fee payments in Tally. It details the necessary journal entries for booking the audit fee, including the TDS deduction under Section 194J if applicable. The correct ledger groupings for Audit Fees (Indirect Expense), Auditor Suresh (Trade Creditors), and TDS on Professional Fees (Duties & Taxes) are also provided, along with entries for the actual payment of fees and TDS.

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 )  

 

 

 

Thank you very much for your kind guidance sir.

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