Lottery business
This query is : Resolved
Chandan Arora
(Querist)
27 September 2016
Journal entries for Jewelry given to winner in a lucky draw.also for commission given to reference made by people who are in networking.
and heir treatment in Balance sheet if any
Amol S Joglekar
(Expert)
27 September 2016
debit prize
credit bank/cash as the case may be
(Being jewellery given as prize)
debit commission
credit bank/cash as the case may be
(Being referral commission paid)
credit bank/cash as the case may be
(Being jewellery given as prize)
debit commission
credit bank/cash as the case may be
(Being referral commission paid)
Chandan Arora
(Querist)
27 September 2016
and Tds will be deducted? if yes at what %.
Amol S Joglekar
(Expert)
27 September 2016
please refer section 194H and see if it is applicable to you
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Chandan Arora
(Querist)
27 September 2016
ok and thanx
Amol S Joglekar
(Expert)
27 September 2016
you are most welcome.
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