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Entry for salary of tds

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salary for director 60000/-

tds deducted 3000/-

what is the entry for same with a/c linking (indirect expense , ect )

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24 Replies

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 22 July 2013

For salary payable

salary exp a/c....dr

to tds payable a/c

to salary payable a/c

For salary Payment

Salary payable A/c ...dr

to bank a/c

For TDS payment to CG.

tds payable a/c....dr

to bank a/c.

2 Like

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Hemant Kumar (Accounts Manager MBA (Fin) CMA*) (6450 Points)
Replied 22 July 2013

1) Salary Provision

Salary exp Ac. Dr. 60000/-

To Salary Payable Ac. 57000/-

To TDS on Salary Ac. 3000/-

2) Salary Payment

Salary Payable Ac. Dr. 57000/-

To Bank Ac. 57000/-

3) Tds Deposite

TDS Payable Ac. Dr. 3000/-

To Bank Ac. 3000/-

2 Like

CA Kunal Mishra (Consultancy Service) (172 Points)
Replied 22 July 2013

Mr Tushar's entry is wrong & Mr. Hemant's entry is correct.

N. Rajendran (Manager - Accounting) (40 Points)
Replied 23 July 2013

Hi All,

What Mr. Hemant Kumar told is Correct , but in my views for Directors not for Salary it is Directors's Remunaration..if it Remunaration the entry are differ..

Thanks

N. Rajendran

CA Atul (Tax Manager) (294 Points)
Replied 23 July 2013

Yes Mr Hemant your entry is correct.

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Bhanugadu (Student CA Final ) (20 Points)
Replied 23 July 2013

In Mr Hemanth's answer, TDS on Salary Ac in the first entry & TDS Payable Ac in the third entry are one and the same.

Mukesh Upadhyay (Accounts Manager in innisfree) (28 Points)
Replied 23 July 2013

Hi All

I agree with Mr. N Rajendran.

Hemant Kumar (Accounts Manager MBA (Fin) CMA*) (6450 Points)
Replied 23 July 2013

Originally posted by : Ankur Garg
	Practically speaking there is no difference between director remuneration and director salary. Strict provisions relating to managerial remuneration are not applicable to a private company. Hence you may give the desired remuneration to your directors subject to the provisions of your articles. Plz check your Articles.

For more go through following link.:

/forum/details.asp?quote=366522&mod_id=70878#reply

Hemant Kumar (Accounts Manager MBA (Fin) CMA*) (6450 Points)
Replied 23 July 2013

Originally posted by : Bhanugadu
	In Mr Hemanth's answer, TDS on Salary Ac in the first entry & TDS Payable Ac in the third entry are one and the same.

Both entries are different... In first entry made a provision of TDS and in last entry did after deposition the tds amount to government treasury.

1 Like

Sagar Doshi (Job) (899 Points)
Replied 23 July 2013

If director is managing or active director only then tds is deducted u/s 192 otherwise tax should deduct u/s 194J for professional, and accounting entry will remain in same pattern as suggest by Hemant.

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Krishna Raj (Article Assistant @ Nisamuddeen & Associates) (21 Points)
Replied 24 July 2013

HAi ALL,,,

I agree with hemant.....

Mukesh Upadhyay (Accounts Manager in innisfree) (28 Points)
Replied 24 July 2013

Hi Hemant.

We are not saying you are wrong ,according to question you are absolutely right.

Hemant D (na) (304 Points)
Replied 24 July 2013

Both entries are correct. In case of Tusshar he has mentioned salary payable whereas Hemant has mentioned Salary Provision. Net effect of both entries remain the same.