Accounts

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riddhi (Querist)
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18 December 2014 is installation charge on AC to be included with the AC ? Can we claim depreciation on it?

Also I have paid tds on professional fees on salaried employees under current liabilities but it is showing debit bal as only payment entries are there so do I need to enter to the salary entry separately for that?
for tds on salary I pass JV for salary p.m. including pt in that so it comes correct

Amol S Joglekar

Amol S Joglekar (Expert)
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18 December 2014 01. It is better to CAPITALISE the installation charges. Once capitalised, you can onviously claim depreciation on that
02. Pass the entry for Professional Fees (What you are calling it as salary)as
Debit Professional Fees 100
Credit Bank/Cash 90
Credit TDS deducted 10

This account of TDS deducted should get knocked off with the DEBIT balance, which you are referring

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Rupesh Jain

Rupesh Jain (Expert)
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18 December 2014 YES YOU CNA CLAIM DEPRECIATION ON AC INCLUDE INSTALLATION CHARGES.

YOU CANNOT DEDCTED TDS PROESSIONAL FOR SALARY PERSON. YOU HAVE TO DEDUCT TDS U/S 192b FOR SALARY TDS. AND MAKE PAYABLE ENTRY FOR TDS OF PROFESSIONAL .

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