tds

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Shalu (Querist)
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02 July 2009 can someone tel me under what head should i account tds-contractor and tds-professional charges and tds payable

Guest

Guest (Expert)

02 July 2009 1). TDS of Payment to Contractor - 194c, limit is 20,000/- @ 2.2667% for co.
2). TDS of Professional fee - 194J, limit is 20000/- @ 11.33% for co.

Feel free to revert for further clarification.

Shalu

Shalu (Querist)
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02 July 2009 thank u so much Mr.Deepak Mishra.Iam working for a small scale manufacturing co this is the first time they ever got the TAN and want me to deduct tds wherever applicable. i've received the international courier bill and so have take under the contractors and deducting 2.06 as this business is less than one crore. i just wnt to know under what head i should account this tds

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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02 July 2009 You have to open a account TDS-Contractor u/s 194C paybale under the group duties and tax payable i.e it's nature current liablity.
Entry is to made.

Postage and courier expenses DR. 1000
Party Account Cr. 979
TDS-Contractoru/s 194C payable CR 21