24 March 2008
our company was paid rs.26250/-(single bill) to Mrs.Assocham New Delhi for subscription for membership fees on that tds deducted or not and this payment entered in tally in the head of books & periodicals, this head was correct or not, please tell correct head
To the same party Rs.35000/- paid towards advertisement on that tds effected or not please sir. (this was single tranasction throughout the year )
24 March 2008
Dear Sir, In the first case you are not required to deduct TDS but in the case of Advertisement you have to deduct TDS under sec.194C. For giving proper ledger head of Membership subsription you can not enter into Books & Periodicals but it will be better to be treated into Membership Fees. Ledger heading will depend upon type of membership fees i.e. membership fees for what club, social group, charity trust, library etc.
24 March 2008
ON SUBSCRIPTION FEES TDS IS NOT REQUIRED TO DEDUCT AND YOU HAVE TO SHOWN AS A SEPARATE HEAD MEMBERSHIP FEES . ON ADVERTISEMENT AMOUNT YOU HAVE TO DEDUCT TDS UNDER 194C BECAUSE THE SINGLE BILL EXCEEDING 20000/-.
24 March 2008
Dear on subscription fees no TDS is to be deducted.On advertisement fees u have to deduct the TDS. Regarding head books & periodicals used by u is wrog. U need to use either membership fees account or subscription account.
CAclubindia
