Gold Coin Received from Vendor of Rs. 45000 TDS u/s 194 R also deducted
We are a Pvt Ltd Co. how to show in books and also confirm accounting entry
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Gold Coin Regards as Gift
Replies (4)
If receiver has to pay gift tax then
Dr. Gold coin (asset side)
Cr. Tds payable
Cr. Gift or discount received or promotion account
https://cleartax.in/s/how-are-gifts-taxed
In case the gold coin is received as a gift and fund paid via cheque or online no issue of any tax.
Dr Gold Coin Investment
Dr tds receivable
Cr Any other Income
Dr tds receivable
Cr Any other Income
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