Entry for.a.payment

This query is : Open

HARIKESAVAN (Querist)
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27 January 2017 We are under renovation. Hence we are making pmt to a interior 1.5 cr, what should be the entry for that (5* hotel)

CA Abhishek Goyal

CA Abhishek Goyal (Expert)
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27 January 2017 1. Building Account Dr... S.tax Rece (if any) ac dr... To Vendor Account... To TDS Payable (appli)

HARIKESAVAN

HARIKESAVAN (Querist)
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28 January 2017 Thanks Mr Abhishek . Due to cyclone we got severe damage But we are yet to start the work, even before that we transfered the 1.5 cr to interior , on what ground we can justify rhe payment , is that right?

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CA Abhishek Goyal

CA Abhishek Goyal (Expert)
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29 January 2017 As per my understanding, you can justify saying that, provided you have complied with the TDS applicability. In case you have deposited TDS to the govt., you can justify the same.