Entry
This query is : Resolved
12 November 2013
Dear Sir,
Q1) we have made agreement that our Sole Properitorship firm paying money Rs.55L to a Pvt Ltd company to produce film
i just want to know is it applicable to deduct TDS on said amount?
2Q) they have paid professional fees 3L to some 3 parties.do i need to update the journal entry in my Book?
Q3) are we need to take Invoice from Said party or Agreement will be consider as invoice.
Pl Reply.
Thank you.
Q1) we have made agreement that our Sole Properitorship firm paying money Rs.55L to a Pvt Ltd company to produce film
i just want to know is it applicable to deduct TDS on said amount?
2Q) they have paid professional fees 3L to some 3 parties.do i need to update the journal entry in my Book?
Q3) are we need to take Invoice from Said party or Agreement will be consider as invoice.
Pl Reply.
Thank you.
13 November 2013
1. you have paid this money as investment/loan/advance to make expenditure on your behalf or as fees for produce film for you? If it is a fees, then TDS is applicable under 194J provided that your turnover is more than 1 cr in the previous year. if not, then TDS wont apply.
2. Answer to question 2 and 3 depend on answer to question 1
2. Answer to question 2 and 3 depend on answer to question 1
13 November 2013
Dear Sir,
We have Take over a Film project from a Pvt Ltd firm and paid them 55L which they have paid to third party for production of film
now further production payment we will pay to the concern party
question is to whom we have paid payment they will look after the tax things to whom they have made payment 55L
can create production cost account ledger under direct exp.. credit to the said payment in journal book
or else suggest me what should i do
as i have made 55L payment entry but did not shown credit entry for the said company
Is TDS would be applicable?
Pl help
Thanks
We have Take over a Film project from a Pvt Ltd firm and paid them 55L which they have paid to third party for production of film
now further production payment we will pay to the concern party
question is to whom we have paid payment they will look after the tax things to whom they have made payment 55L
can create production cost account ledger under direct exp.. credit to the said payment in journal book
or else suggest me what should i do
as i have made 55L payment entry but did not shown credit entry for the said company
Is TDS would be applicable?
Pl help
Thanks
13 November 2013
Sir,
I will be require your suggestion all the time whenever emergency comes.
If i need prompt reply of any query should i have to pay for that.
if yes please provide me the procedure & how much i have to pay.
thanks
I will be require your suggestion all the time whenever emergency comes.
If i need prompt reply of any query should i have to pay for that.
if yes please provide me the procedure & how much i have to pay.
thanks
13 November 2013
Dear Siddharth,
How did you took over? means this 55 lakh is a reimbursement for the expenses made by the Pvt limited company or it was an amount paid as a lumpsum without any nexus with the costs incurred by the company?
How did you took over? means this 55 lakh is a reimbursement for the expenses made by the Pvt limited company or it was an amount paid as a lumpsum without any nexus with the costs incurred by the company?
13 November 2013
Ok
what would be the entry for the same.
Thanks
what would be the entry for the same.
Thanks
13 November 2013
Siddharth I asked a question. You didnt answer that.
13 November 2013
Sir,
The said company was producing film & they have paid 55L to their respective vendors now we have made agreement that they are transferring the rights for produce rest production.
in consideration we have paid 55L.
onwards whatever expense incurred we will pay the same.
The said company was producing film & they have paid 55L to their respective vendors now we have made agreement that they are transferring the rights for produce rest production.
in consideration we have paid 55L.
onwards whatever expense incurred we will pay the same.
13 November 2013
32L ALREADY PAID TO VARIOUS PARTIES BY THE SAID COMPANY & AND PROVIDED US DETAILS TO MAKE ENTRIES IN OUR BOOKS OF ACCOUNTS.
AND WE ARE PAYING THEM 55L - 32L = 23L
BUT SIR IN BETWEEN BOTH OF US WHO WILL BEAR TAX PAYMENT FOR ALREADY PAID 32L TO RESPECTIVE CONCERN PARTIES.
HOW COULD I KEEP BOOKS OF ACCOUNTS IN THIS CASE?
THANKS
AND WE ARE PAYING THEM 55L - 32L = 23L
BUT SIR IN BETWEEN BOTH OF US WHO WILL BEAR TAX PAYMENT FOR ALREADY PAID 32L TO RESPECTIVE CONCERN PARTIES.
HOW COULD I KEEP BOOKS OF ACCOUNTS IN THIS CASE?
THANKS
13 November 2013
Let the private company pay the Rs 23 lakh also out of their pocket. you can make payment for Rs 55 lakh to the company. Account for the same as cost of moive under production. You may deduct tax under 194J. There may be an alternative view that no tax is deductible. But I am unable to agree to such an opinion.
also it would be advisable to study balancesheet and profit and loss of productions houses.
You may refer: http://www.tips.in/uploads/pdfupload/annual_reports/2012-2013_Annual_Report.pdf
also it would be advisable to study balancesheet and profit and loss of productions houses.
You may refer: http://www.tips.in/uploads/pdfupload/annual_reports/2012-2013_Annual_Report.pdf
15 November 2013
Dear Sir,
Please suggest me i am still confused in this matter.
how would i make entry in tally
is TDS applicable or not
would the company name will come under Direct Expenses or it will come under sundry creadior
would it be purchase entry or What?
not understanding please suggest me
my further acoounting will be depend on the said entry.i do not want to go in wrong way
Please request you.
thank you
Please suggest me i am still confused in this matter.
how would i make entry in tally
is TDS applicable or not
would the company name will come under Direct Expenses or it will come under sundry creadior
would it be purchase entry or What?
not understanding please suggest me
my further acoounting will be depend on the said entry.i do not want to go in wrong way
Please request you.
thank you
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