Gift given

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2017 One of our office colleague was getting married, so our boss gave her a gift for Rs.16000/- in cheque, drawn from the company. How to record this entry in books of accounts?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2017 Record this gift under employees welfare expenses.

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2017 Which of the following Entry to Pass in books ?
Staff Welfare Expenses Dr
To Bank A/c

OR

1. Staff Welfare Expense A/c Dr
To Person (Employees Name) A/c

2. Person (Employees Name) A/c Dr
To Bank A/c

No disallowance in Income Tax for above entry ??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2017 Pass the first entry no disallowance.

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