194R Journal entry in the books of a company

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

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.

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...
Upto 20k no tds.

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

if gift is above 20k , then deduct tds too.

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