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TDS provision of audit fees

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46 Points Posted on 08 May 2019
what will b the entry for TDS provision of audit fees as on 31/3/2019
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On 08 May 2019 at 19:07 Report
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"Do the Right Thing...!!!"
128152 Points Posted on 08 May 2019
Dr. Audit Fee A/c - XXXX
Cr. Audit Fee Payable - XXXX


Dr. Audit Fee Payable - XXXX
Cr. TDS on Professional Fee - XXXX...


(But, Generally Tds not applicable on provision. Bcoz, May be Taxpayer can change the Auditor. So, It's not correct. Better to deduct at billing or Payment).
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On 08 May 2019 at 20:09
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Team Lead
7558 Points Posted on 08 May 2019
TDS needs to be made at the time of making provision of audit fees.

entry as follows

Audit Fees. Dr. xxxx
To TDS payable. xxx
To Audit Fees payable. xxxx
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On 08 May 2019 at 21:40
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128152 Points Posted on 08 May 2019
Then which name will be deduct TDS and it's payments...
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On 08 May 2019 at 21:48
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Team Lead
7558 Points Posted on 08 May 2019
in the firm's name who audits the account. suppose if ABC &Co CA is the auditor then in the name of ABC &Co provision needs to be made and TDS to be done
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On 08 May 2019 at 22:12
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"Do the Right Thing...!!!"
128152 Points Posted on 09 May 2019
Thank You Dear for Your reply...

As per Your reply.,
At 31st March I think to give my books to ABC & Co and will be deduct TDS.
After some discussion/misunderstand/cost basis/other reason I will give my books to another CA... Then what...???
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On 09 May 2019 at 06:20
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student
350 Points Posted on 09 May 2019

then you have to revised your TDS return and change the pan no of new CA

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On 09 May 2019 at 09:12
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128152 Points Posted on 09 May 2019
Then.....?!!
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On 09 May 2019 at 09:25


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