Income tax is a indirect expense or current liability.

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

Our organisation has accepted a Bank Guarantee from one of it's vendors in lieu of Security Deposit payable by the vendor to our organisation for work order related to services rendered to our organisation. Kindly let me know the accounting treatment and consequent disclosure in the financial statements. We are not a Company, it is an organisation exempt u/s. 10(23C)(iv) of the Income Tax Act, 1961.

Regards.

Dear Expert,

We have purchase Quick Heal licenses from a proprietor.

What rate of TDS is applicable on this ?

Is it correct if purchaser issue debit note to return material?

A house is sold by Mr. R to Mr.X. At present electricity bill is in the name of Mr.K(expired) father of Mr. R. now as per will house is in the name of Mr. R and he is planning to sale to Mr.X ..So before registry Mr. R is required to get electricity bill in his name or not needed?

We bought solar panels and got 30% subsidy from government, how to pass entries in tally. how much amount to be capitalize and 30% where to transfer for Society books of accounts.

When the balance sheet to be signed by CA for insurance commission agent WHEN THE TOTAL INCOME IS RS.90,00,000.00

We as an Pvt Ltd Company.
Initially our Insurance Broker have paid to Insurance Company Premium.
Then after Insurance broker is claiming from us and we pay to Insurance Company.
In this case we are not paying directly to Insurance Company. We are received invoice from insurance company.

Please Suggest Correct Account Entry 1 or 2 below
as per Income Tax and Company Law:
________________________________
1.

(A) Insurance Exp Dr
To Insurance Company A/c Cr

(B) Insurance Broker A/c DR
To Bank A/c Cr

(C) Insurance Company A/c Dr
To Insurance Broker A/c Cr
__________________________
2.

(A) Insurance Exp Dr
To Insurance Company A/c Cr

(B) Insurance Company A/c Dr (No Matter payment is process to Insurance Broker)
To Bank A/c Cr

Is the cited subject in mandatory as of now?