194R treatment in accounts
This query is : Resolved
Quick Summary
R S Sai Kumar
(Querist)
07 August 2024
One of my clients is a trader in computer goods. Purchases were made from HP India Sales Private Limited. In 26AS Under Section 194R - under paid/credit Rs.61,160 is appearing and TDS of Rs.6,116.07. Kindly suggest me mode of treatment of this in books of accounts.
Waiting for reply
R S Sai Kumar
Waiting for reply
R S Sai Kumar
CA R SEETHARAMAN
(Expert)
08 August 2024
Account it as gift received and include it in income tax calculation.
R S Sai Kumar
(Querist)
09 August 2024
Sir , In accounts which account should I debit to credit the income account? In regard to TDS - I will debit TDS account, and then credit which account. Please clarify
R S Sai Kumar
R S Sai Kumar
CA R SEETHARAMAN
(Expert)
09 August 2024
What you received for Rs 61,160.
R S Sai Kumar
(Querist)
09 August 2024
No - Received Rs.61,160 - minus TDS Rs.6,116 = Rs.55,044
CA R SEETHARAMAN
(Expert)
09 August 2024
Account the receipt including TDS.
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