Standard deduction
ramamoorthi baluchamy (1 Points)
22 November 2019
what is standard deduction for 2020 -21
3 Replies
Ashish
(Student)
(23 Points)
Replied 23 November 2019
I have purchased a car and recived a scrap coupon in which i won a iphone what is accouning entry to be passed in books
Kapadia Pravin
(17264 Points)
Replied 23 November 2019
If the Prize money iPhone exceeds Rs 10,000, then the winner will receive the prize money after the deduction of TDS @ 31.2% u/s 194B.
It does not matter whether the income of the winner is taxable or not. The prize distributor is liable to deduct tax at the time of payment
Asset iPhone Dr
To Other Income Cr
(Being iPhone prize)
TDS Dr.
To Bank A/c.
(Being paid to ___ towards TDS deducted on prize)
It does not matter whether the income of the winner is taxable or not. The prize distributor is liable to deduct tax at the time of payment
Asset iPhone Dr
To Other Income Cr
(Being iPhone prize)
TDS Dr.
To Bank A/c.
(Being paid to ___ towards TDS deducted on prize)
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