A audit is conducted in the month of July 2017. Audit fees of 50,000 is shown as provision in the balance sheet (year ending 2017). TDS is neither deducted nor deposited by the due date of filing return and hence audit fees is disallowed in CTI.
Bill of 50,000 is raised in November. Fees is paid in November after deducting TDS at 10%.
Is it required to calculate interest on non deduction of TDS?
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TDS U/s 194J
Replies (3)
Yes as we need to make provision as on 31st March and Tds needs to be deducted and deposited with govt. before 7th of April and Tds return needs to be filed before due date of filing of ITR.
As in your case Interest on late deposit will attract.
Home Forum Income Tax TDS U/s 194J Follow Thread 7 months ago 2 Replies Report I am Supriya A audit is conducted in the month of July 2017. Audit fees of 50,000 is shown as provision in the balance sheet (year ending 2017). TDS is neither deducted nor deposited by the due date of filing return and hence audit fees is disallowed in CTI. Bill of 50,000 is raised in November. Fees is paid in November after deducting TDS at 10%. Is it required to calculate interest on non deduction of TDS? Message Liked by (Total likes : 1) Akanksha Tripathi , Reply Quote Like Send msg Online classes for CA CS CMA 7 months ago Sai sumantha s Malur Yes as we need to make provision as on 31st March and Tds needs to be deducted and deposited with govt. before 30th of April and Tds return needs to be filed before due date of filing of ITR.
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