27 May 2022
I have provision made for Rs. 50 K on professional services and invoice received Rs. 45 K then whether entry made are correct or not. Professional bills received from ABC Co. Ltd. Entry for provision made Professional Charges Dr. Rs. 50,000 To TDS Payable under section 194J Rs. 5,000 To Provision for Professional Exp. 45,000 On receiving invoice Provision for Professional exp. Dr. 45,000 TDS payable under section 194J Dr. 500 To Professional Expenses Cr. 5000 To ABC Co. Ltd. 40,500 the above passed entry correct or not. please reply.
27 May 2022
The entry should be like this. Provision for Professional exp. Dr. 4500 TDS payable under section 194J Dr. 500 To Professional Expenses Cr. 5000
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