Accounting aspect

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2016 Dear All,

Greetings for the day.

I am working as an 'Accountant' in an Pvt.Ltd. Company ( IT Industry ), since this is the first time am experiencing I wanted to ask this Question.

In our Organization last month they have taken a 'Assistant' for me as a Part time worker ( 02.00 to 06.00 pm), he has completed 'B.Com & M.Com', we need to pay him Rs.6000/- monthly for his working.

Hence how can 'i' show him in our books of Accounts, under what expenses,category 'i' should treat that exps.

If I show as 'Salary' - P.F & ESI will come into effect, that should not happen, so Can anyone please guide as Well as kindly give a 'Alternate Solution'.

Treat it as Very Urgent.

Thanks & Regards
Well Wisher

Sandeep Dharar

Sandeep Dharar (Expert)
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05 October 2016 Better to post it in office and general expenses, if u r paying in cash. And in narration u can mention the details. The other option is u can show it as internship and stipend expenses(irrespective of payment in cash or by bank), coz stipend do not attract any type of compliance. I'll suggest to go for the second option.

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2016 Hi Sir,

Good day.

Thank you sir thanks' a lot for your reply.

As you say I go for the 2nd Option since it does not attract any 'Tax (Tds & S.Tax) Compliances'.

Can you please help me out in:-

1) Under what category the 'internship and stipend' expenses should be booked ?
For e.g:- Whether it is Direct (or) Indirect expenses like that i want the information.

2) What exact narration should i give ?

Please do the needful.

Thanks & Regards

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Sandeep Dharar

Sandeep Dharar (Expert)
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06 October 2016 U r welcome dear. Stipend is an indirect expenditure. U can show the narration like being stipend salary paid to .... for the month of .... If u like my reply then show ur appreciation by hitting the thanks button.

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2016 Hi Sir,

Good day.

I really appreciate you for the Time & Effort you have taken to 'reply' my Query, I don't worry or fall ego to 'thank you', you have indeed done a remarkable pleasure for me.

Not at all an issue, I once again 'thank you, thanks' a lot' for your valuable response.

Sorry - hereafter reg. Accounting related issues, questions & clarifications 'I' in this CA club india.com will keep posting you, when you find my 'Mail (or) Question' request you to 'solve & reply my Query'.

Do keep in touch, my name is:- Sugadeesh.S (sugadeesh@gmail.com), may god bless & be with you and your family always, Live happily, have fun & enjoy the life, Take Care.

If you can share your mail-id as Well as contact no. I will be really grateful to you.

Thanks & Regards
Sugadeesh.S

Sandeep Dharar

Sandeep Dharar (Expert)
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07 October 2016 U r always welcome Sugadeesh, I'll drop u a mail in ur email id, so from there u can contact me. But one thing I wanna say, better to post ur query here only, coz there are may senior experts present at the portal, which may give u the best reply to ur queries. And its always better to take a second option(opinion). Coz having options u'll select the best thing.