QUERY AGAINST FOR PROVISION FOR EXPENSES

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Dear Sir/Ma'am,

Actually, I want to some doubt clear with you, I have finalized my pvt ltd company books of account and My auditor have aleardy passed some provision entries in my books of accounts as on 31-03-2023(2022-23). Auditors have pass the the some provision entry in my books of Accounts. Audit fees Dr. 100000.00 To Tds on Audit fees Cr. 10000.00 To Audit fees Payable Cr 90000.00 (Provision due for the year) Please clear my point what is the releveance of entry as of now going of month october, 2023 and my auditor giving me the bill of Rs. 1 lac (no charge the gst in the invoice) So, now this month What kind of entry passed in my books of account in this related provision and and which month & Quarter i deposited the Tds amount and return (2023-24). can i have to file the tds return third quarter 2023-24 nethier 2022-23 quarter-4.

Please assist us for giving me the pratcikal example. Please

AI Summary

Company Seeks Guidance on Recording Audit Fees and TDS Provisions for Fiscal Year 2022-23; Timing of TDS Deduction Debated A private limited company seeks clarification on accounting entries related to audit fees provisions for the fiscal year 2022-23. The auditor recorded provision entries for audit fees and TDS, but the bill was received in October 2023 without GST. The query involves how to record these entries in the current year and when to file the TDS return. The response explains that expenses should be recorded in the year they occur, and the provision should be debited when payment is made. The TDS deduction timing is debated, with references to tribunal decisions supporting different views.