Tds on Audit fee if increase in provision

A/c entries 111 views 3 replies

Hello everyone, Actually I recently started working as an Accountant in a Company. In books of Accounts, there was a provision for audit fee in FY: 2022-23 for Rs. 4,00,000 after deducting tds 360000 was bought forward to FY: 2023-24 as Audit fee payable. But original bill was raised for 473180 including GST. So , I passed the following entry while making payment 

Audit fee payable   360000 dr

Audit fee.                 41000 dr

GST.                            72180 dr

       To Bank   473180

I want to know whether I accounted it correct or not. Should I deduct any extra TDS or there are any other errors. Kindly please clarify my doubt. Thank you.

Replies (3)
No... No need to deduct TDS. Bcoz, it's already deducted as per Your query...

Audit fee payable 400000 dr

GST. 72180 dr

To Audit Firm 473180
Tds rs.360000 fictitious figure
Adei Sabyasachi Mukherjee,
thayavu seythu moodittu poyidu, avlo thaan solven...


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