TDS on Audit Fee Provisions

Vipul Acharya (Account Officer) (627 Points)

09 April 2021

At what rate TDS to be deducted on Provisioning of Year End Expenses - 7.5% or 10%

I have received Invoice -Audit Fee on 9 Apl-21 for Audit of FY - 20-21

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5 Replies

Sourav (Student) (24028 Points)
Replied 09 April 2021

TDS on audit fees should be deducted u/s 194J @ 7.5% as invoices is received between 14.5.20 to 31.3.21 year end expenses

Online classes for CA CS CMA, Professional courses for GST, Accounts, Tally etc, & Books

Vipul Acharya (Account Officer) (627 Points)
Replied 09 April 2021

Sir, actual invoice received today on 9 Apl-21

CMA Poornima Madhava (CMA) (13097 Points)
Replied 09 April 2021

1) Tax to be deducted at source, at the time of credit or date of payment, whichever is earlier. 2) Provision has been made during FY20-21 and hence tax to be deducted @ 7.5% in this case. Note: Subsequent receipt of invoice is just a confirmation of the provisional entry.