if we are paying to a private contractors without gst bill like the contractors doesn't have a company and doing work as a freelance something...i do we should record those entries in tally and what amount of percentage should be calculated and please give full details please.
thank u in advance.
sorry for miss interpretation the query earlier .
Yes , you have record these transitions , in the books of accounts as a part of business .
Also check regarding TDS applicability under section 194 (C) of the Income tax act - ( payment to contractor )
I mean if a person is ABC so the entry will be
By ABC A/c Dr
To contractor expenses Cr
Or
By ABC A/c Dr
To bank A/c cr
And if the second entry is correct then the ABC comes under which head
This ABC preson is an individual
Contractor expenses account comes under what head...?
Is it under indirect expenses
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