Notice period recovery accounting
This query is : Resolved
01 January 2016
if there is a notice period recovery, then how should an employer has to account that taking Tds in mind also
01 January 2016
Notice period recovery can be accounted in 2 ways
1. Reduce from Salary expenses ( Employee cost ) Dr: Employee & Cr: Salary
or
2. Book as other income Dr: Employee & Cr:: Other income
TDS will be applicable in the hand of employee when book the salary and recovery part is different
1. Reduce from Salary expenses ( Employee cost ) Dr: Employee & Cr: Salary
or
2. Book as other income Dr: Employee & Cr:: Other income
TDS will be applicable in the hand of employee when book the salary and recovery part is different
02 January 2016
thanks Ramesh.
but should we deduct the amount of recovery for the purpose of calculations of TDS
02 January 2016
while showing income (salary) to employee you need to show the TDS payable. after that you can pass the recovery entry
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