Hall rent for official meeting

This query is : Resolved

Sreejith. M (Querist)
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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)
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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)
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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)
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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)
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09 October 2015 Thanks Sir

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