01 June 2012
there is a college in which event was organised. the head of the event suppose Mr. X has provided advance for incurring the expenditure. out of the advance amount he has paid sum of Rs. 500000/- to Javed ali (well known singer)and the bill of Javed Ali shows that the payment was made to them after deducting TDS. now my question is whether the amount of TDS deducted has to be booked in college? also the additional information is that the payment was made through bank but from the account of that person to whom the advance was given(Mr. X)-now what will be the accounting effect in the books of accounts of college
Also is there any exemptions for the singers for not deducting tax at source if he provides the PAN No.? plz resolve this query as early as possible
01 June 2012
Actual expenses is for College. so college has to book the expenses along with the TDS. payment mode is not matter for TDS. even we are paying directly or paying through some person or agent, actual TDS has been booked in the books of original expenses where we incurring. so college need to book the TDS and pay the same to Govt.
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