Accounting treatment
This query is : Resolved
Rajendra Prusty
(Querist)
27 February 2008
ABC TV billed to an advertisement agency as follows:
Total bill Rs.1,00,000/-
Less: Agency Commission Rs. 15,000/-
Net Rs. 85,000/-
Add:Service tax Rs. 10,506/-
Total bill Rs. 95,506/-
My question is what is the accounting treatmentIn the book of ABC tv. Whether there is any TDS treatment for For Agency commission. Rs.15000/- which is not actually paid to advertising agency. Please do the needful.
Total bill Rs.1,00,000/-
Less: Agency Commission Rs. 15,000/-
Net Rs. 85,000/-
Add:Service tax Rs. 10,506/-
Total bill Rs. 95,506/-
My question is what is the accounting treatmentIn the book of ABC tv. Whether there is any TDS treatment for For Agency commission. Rs.15000/- which is not actually paid to advertising agency. Please do the needful.
CA Hemant T Dewani
(Expert)
27 February 2008
tds is to be deducted u/s 194c of the income tax act @ 1% on gross amount +ed cess and shec
total bill is rs 95506/-so you will deduct tds of about amount.it is immetarial whether ABC Co. paid or not you paid to ABC Co.
total bill is rs 95506/-so you will deduct tds of about amount.it is immetarial whether ABC Co. paid or not you paid to ABC Co.
27 February 2008
TDS TO BE DEDUCTED ON BILL AMOUNT OF RS.95506/-
jegannath G
(Expert)
27 February 2008
TDS TO BE DEDUCTED ON BILL AMOUNT OF RS.95506/-
05 March 2008
TDS IS DEDUCTIBLE ON TOTAL BILL INCLUDING ON SERVICE TAX.IT IS IMMATERIAL AS TO WHO WILL BEAR WHAT PORTION.
R.V.RAO
R.V.RAO
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