Is jv required for salary ?

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Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2016 Hi sir ..
i am working with IT company i want to know is JV required for salary ? what enteries should be required for salary .
2) which taxes required to pay for IT company if services provided to Foreign customers. plz help me .

Amol S Joglekar

Amol S Joglekar (Expert)

14 July 2016 01. JV is required for salary. It serves the purpose of parking the salary amount under "salary"....and then distributing the same through "payable" account. This serves as a cybernetic control.

02. Place of Provision(Providing) of service plays an important role in deciding if the service tax is required to be paid.

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2016 Hello sir thanks for answering me but tell me more how enter in Tally ERP with DR CR. plz reply

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2016 Hello Amol sir
From where we get Form 16 ? and is it required for individual tax filing.

Amol S Joglekar

Amol S Joglekar (Expert)

14 July 2016 A.
01. debit salary
credit salary payable
02. debit salary payable
credit cash/bank as the case may be.
(Since you are using TALLY erp, you can create each and every employee's account under the group SALARY.... please note the group SALARY needs to be created in TALLY)

B.
You need to register yourself with TRACES. Follow the link for details
https://yourfinancebook.com/how-to-download-form-16-and-form-16a-from-trace-portal/

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2016 Hello sir under which head salary group is created. I mean (creditors For Salary) under Current Liabilities is it ri8 ?

Amol S Joglekar

Amol S Joglekar (Expert)

15 July 2016 yes, you may do that, no problem
salary under indirect expenses
salary payable under current liabilities

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