Mrs H earns a commission of Rs 250000, and co only deduct TDS on Rs 50000 i.e Rs 5000. Is Mrs H should claim TDS on whole of Rs 250000 i.e Rs 25000 or Rs 5000. What to do. What entry to be passed in her books as a commission to the extend of TDS deducted. and other amount . Can She complian against Co for non deduction of TDS.
8 Replies
Nikhil Kaushik
(Fellow CA)
(86857 Points)
Replied 05 June 2015
why are you bothered about short deduction. Just pay the tax dues on your income and claim the credit for the actual TDS deducted.
CA CMA CS Ram Pavan Kumar Melam
(CA)
(6980 Points)
Replied 05 June 2015
If H earns comission of Rs. 250,000 through bank account then H has to account for the full commission and can claim TDS only Rs. 5,000.
In case H received only Rs. 50,000 throuh bank account then H can account for Rs. 50000 only and can claim TDS of Rs. 5000.
If any amount received in cash by H, H needs to have evidence of receipt for the same to account for it in H's books of account.
If the company do not deduct TDS, it is part of its non-compliance with Income Tax laws. H need not required to complain on the company.
DISHA
(Article)
(92 Points)
Replied 05 June 2015
So sir while doing entry in books we have to show entry only on that part of TDS amount deducted , Remaining amount should be
Bank A/c dr 200000
To Commission A/C 200000
Nikhil Kaushik
(Fellow CA)
(86857 Points)
Replied 05 June 2015
why r you crediting commission only with 200000?
DISHA
(Article)
(92 Points)
Replied 05 June 2015
1st entry Bank A/c dr 200000 ,
To Commission account 200000
2nd entry
Bank A/c 50000,
Tds A/c 5000 ,
to Commission a/c 55000
Nikhil Kaushik
(Fellow CA)
(86857 Points)
Replied 05 June 2015
the entry will be:
Bank A/c Dr Rs 245000
TDS Receivable A/c Rs 5000
To Commission A/c Rs 250000
Recent Topics
- Interest earned on deposits placed with corporates
- Pension Misclassification and Correction in ITR
- Failed to File SPL-02 before June 30th
- AIS Utility
- Fees receipts for Technical services ..income
- INTEREST WILL PAID
- GSTR-2A Shows 3B not filed but actually files
- Private Limited Company Strike Off (No Business in
- GST on forfeiture of Security Deposit
- Form16 shows investments as done - But I will go b
Related Threads
Trending Online Classes
CAclubindia
