194R Journal entry in the books of a company

1131 views
User Avatar

Working in Manufacturing Comapny
169 Points Posted on 21 December 2023

Please tell me the journal entry for 194R if Gold Coin of INR 10000 is given to Dealer for achieving the sales target.

0 Reply Share Follow
On 21 December 2023 at 17:38 Report
Replies (2)
Quick Summary
This discussion explains the correct journal entry for awarding a gold coin under Section 194R of the Income Tax Act when a dealer achieves a sales target. The entry involves debiting gift expenses and crediting the bank account. It also clarifies that Tax Deducted at Source (TDS) is applicable only if the value of the gift exceeds INR 20,000 for a single recipient.

User Avatar

"Do the Right Thing...!!!"
128162 Points Posted on 21 December 2023
Is there any difficult for this entry...??!
I don't know exactly for the difficult...

But,
we can enter it simply as

Dr. Gift Expenses - XXXX
Cr. Bank A/c - XXXX


If You want any other entry then please reply...
Reply
On 21 December 2023 at 21:03
User Avatar

Accountant
1227 Points Posted on 21 December 2023
Upto 20k no tds.

above entry is correct till 20k crosses to one person.

if gift is above 20k , then deduct tds too.
Reply
On 21 December 2023 at 23:58

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. CA Fees deduction for non audit case allowed?
  2. 5th Letter PAN Mismatch with Surname issues still
  3. Criteria to hire an article
  4. Guidence requested for a Finance Professional with
  5. Expert Opinion Required – Form 140 Gross Amo
  6. WRONG TAX DEMAND - formal responses , rectificatio
  7. Foreign remittance
  8. Affordable Residential Flats in Gurgaon
  9. Manufacturing
  10. TAN REGISTRATION ON E-FILLING SITE

More recent discussions | Post

Related Topics :

Loading