Gift to employee

hai, i just need your help about how to recognises gift from company to employee and double entry

Replies (5)
Quick Summary
This discussion covers the accounting treatment for gifts given to employees, specifically suggesting a double-entry method involving a 'GIFT A/C' and employee accounts. It also addresses the possibility of revising TDS returns for the financial year 2019-20, confirming that revisions are permissible even if the party hasn't claimed the credit in their Income Tax Return.

GIFT A/C DR
TO EMPLOYEE

AND ON PAYMENT

EMPLOYEE A/C DR
TO CASH/BANK A/C
Agree with rashmi...
Hello can anyone explain me whether we can revised the TDS return of the FY 2019-20.If the claim is not taken by the party in his ITR
Yes you can revise it
You can revise tds return

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