As TDS is deductable on provision of expense
Audit fees exp Dr,1,00,000/-
To Provision for exp ( Audit Fees ) 90,000/-
To TDS Payable u/s 194J 10,000/-
( on 31 Mar Making provision of audit fees )
What will be the subsequent effect of the above entry next year ?
What about the TDS amount we deposit while making of provision?
"What about the TDS amount we deposit while making of provision?"
If you already deposited the amount in govt a/c while making provision on 31/3/13, then the entry would be as under:
Audit fees..Dr 100000
To Audit fees payable(provision) 90000
To TDS payable 10000
and
TDS payable...dr 10000
To Bank 10000
NEXT YEAR
Audit fees pyable(provision)..dr 90000
To bank 90000
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