Lottery business
This query is : Resolved
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
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)
27 September 2016
and Tds will be deducted? if yes at what %.
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
27 September 2016
ok and thanx
27 September 2016
you are most welcome.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Change Of Karta In Case of Death
- TDS on purchase of under construction property from a reseller
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- UDIN ISSUE
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
