Hall rent for official meeting

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This query is : Resolved

Sreejith. M (Querist)

08 October 2015 We have booked a hall for a client meeting next month and paid 75 Percentage Advance Rs.24000/-. In which head I can account this expence. Any Tds deduction is required on balance settlement. Thanks

NAVEESH DHAR

NAVEESH DHAR (Expert)

08 October 2015 There is no specifically head mention in income tax act for deduction of tax on such payment . In my opinion, to avoid penalty for non deduction of tax, you should deduct the tax @1% on total amount u/s 194c of the income tax act

RAHULSMITTAL

RAHULSMITTAL (Expert)

08 October 2015 No need to deduct TDS.
U/S 194c the liability to deduct TDS is for the payment of above Rs 30000 at once or Rs 75000 aggregate for the whole year.

RAHULSMITTAL

RAHULSMITTAL (Expert)

08 October 2015 The expense would be booked as determined by the nature of the expense.
Eg: If it is done to promote business, then business promotion, if for inaugration of new business, it must go on advertisement... and so on

Sreejith. M

Sreejith. M (Querist)

09 October 2015 Thanks Sir

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