One of my client has deducted TDS and paid wide Challan as traditionally applicable to previous years. Whether he requires to pay again by E-Tax?
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Bonus provision - Practical issues
REGARDING BONUS:
Computation of Bonus payable for the year involves an elaborate process. It starts with adjustments to Net profits earned during the period( Please refer Section 4 and Second Schedule of Payment of Bonus Act, 1965).
REGARDING TDS ON SALARY INCOME:
Bonus shown as payable to employees is taken into consideration for computation of tax on Salary income of employees . Further TDS deducted from salary is to be paid to IT dept before 7th April( For March month)
CONCLUSION:
It means the bonus computation is to be finalised before 7th April of a year. For this company has to finalise its balance sheet before 7th April.
ISSUE / QUESTIONS:
1) Can anyone please let me know how do companies practically manage to finalise a Balance sheet before 7th April?
2) Even if the company somehow manages to finalise its balance sheet before 7 April, there is possiblitlity of Auditors recommending some changes to finalised Accounts sometime later than 7 April. How do companies deal with that?
set off of loss
my client senr rs 5 laksh with his employee during f y 06.07 for purchase og goods .and the employee went abconding. this was shown in the books as receivavable from him.
now the police have arrested him and said that the amount is irrecoverable. the business was closed during the f y 07-08
how can he set off this loss
how to adjust this entry
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TDS PAID BY TRADITIONAL CHALLAN.