Tally entries

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.