Dear sir, please help me for following querries:
1) I am a non IATA Travel Agent and am buying Air tickets from other IATA and non IATA agents and consolidators and also do hotel bookings and packages from them. My main source of income is commissions received from them including a deduction of 18 % GST and TDS @ 10% on Commission.
My main query is how to pass Accounting entries for the same in case of Recpts
For Example: The bill consist of detail as under
eg. Ticket Amount Rs.50,000
Add: Service Fee: 100
Add: GST @ 18% - 18
Total : 50,118
And Same Example in Booking of Air Tickets from IATA Agents:
Ticket Amount: Rs. 50,000
Less: Commission of 5% on Basic Fare of 30,000 = Rs.1500
Add: 18% GST on Commission: Rs. 270
Add: TDS on Commission: Rs. 123
Total Amount Payable to IATA Agent:: Rs. 48893
From the above example of 50,000 my nett income is only 1207
Pls advise what entries should be pass in my Accounts.
CAclubindia
