Accounting treatment

This query is : Resolved

Rajendra Prusty (Querist)
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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.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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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.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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27 February 2008 TDS TO BE DEDUCTED ON BILL AMOUNT OF RS.95506/-

jegannath G

jegannath G (Expert)
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27 February 2008 TDS TO BE DEDUCTED ON BILL AMOUNT OF RS.95506/-

R.V.RAO

R.V.RAO (Expert)
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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

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