Hi Please guide............:)

This query is : Resolved

Ami (Querist)
Follow

01 June 2009 Please Guide .....
1) If Salary of a month is not paid & will be paid in next month mid is it required to book the expenses in the previous month i.e. normally I book the expense of May in May itself Salary...Dr To O/L Salary & when pay O/L Salary to Bank but if in May i donot pay salary & pay in mid of June or July the salary of May is it necessary to book in May if yes it it necessay to pay its TDS before June 7 Please Answer.....
2) If the Company has given Corporate Credit card to the Director for the expenses & if my mistake he uses personal credit card then should he be repaid ?
3) If director purchases a Shoes , water bottel, books & camera from company credit card under which expense will it come.
Awaiting reply
regards
Ami

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
Follow

01 June 2009 Answer:
1. As per sec. 192 TDS on salary is deducted when payment is made, irrespective of the month to which salary relates.

2. Yes, provided the expenses is genuine and you have adequate proof to support it.

3. it is perquisites and it will be deducted from directors remuneration.

Ami

Ami (Querist)
Follow

01 June 2009 hi,

1) means i can debit the Salary expense in May pay salary in June & pay TDS on salary in July

2) For Perquisites which expense should i debit What should be my entry

Please guide.......

Upgrade to CAclubindia Pro. Subscribe Now!

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
Follow

01 June 2009 1. Yes

2. debit them to advance to director and adjust the same at the time of paying remuneration

OR directly debit ti Dir. remu

please mind the over all cealing of dir. remuneration