Dear all Friends & Experties,
There is a Conclution of Treatment of audit fees in the books of Auditee firms and clients books of Account,suppose I am a audit firm of XYZ co ltd.of the assessement year 2009-10 and the audit fees is Rs. 50000,company also charged deducted The TDS on the fees,therefore Tds certificates is issued in 2010-11 related to income of financial year 2009-10 but all expenses and audit fees received in 2010-11,on the other hand XYZ treat the audit fees in the year related to the audit period 2009-10.
Hence we are maintaining the books on cash basis but company maintaining on accruel basis therefore we are treating the audit fees as a income of 2010-11 where TDS claimed by us relating to assessment year 2009-10.
help me to arise from this situation.
CAclubindia
