Accounting entry for st director's sitting fee

A/c entries 2458 views 1 replies

PRASOON BABY

Article Assistant

31 Points Joined December 2015

Dear mates,

I would like to know about the accounting entries for ST payable on sitting fee paid to directors. You may also tell me about the procedures of adding this to the return filed with the departments.

Thanks and Regards,

Prasoon Baby.

Replies (1)

jaya krishna

Chartered Accountant

262 Points Joined April 2015

If you are paying director fee under professional charges (194j) if the director is registered service tax dealer you can pay service tax unless it is not required to pay service tax.

DIRECTOR FEE A/C DR

SERVICE TAX INPUT A/C DR

TO BANK A/C

generally it can be included under the head of slaries.