Nitil Kr. Agarwala (Persuing CS) (264 Points)
04 March 2011Respected all,
My Company paid bonus to their staff for the F. Y. 2009-10 during Feb 2011. Now i wold like to know that is TDS should be deducted on bonus amount along with the salary paid during the month?
I should book bonus paid into the salary account or i should book bonus paid by creating a new ledger under indirect exp.
Please guide me.
Thanking You,
With Regards,
Nitil Agarwala.
Pankaj Arora
(Learner)
(3134 Points)
Replied 04 March 2011
You should book crate a new ledger for bonus and book it under indirect exp. And deduct tds including bonus with salary of employee.
Nitil Kr. Agarwala
(Persuing CS)
(264 Points)
Replied 04 March 2011
Also guide me how to treat the accounts when leave and incentive are paid.
to deduct TDS on them too.
and to book them into new legder or in the salary account of the employee.
Thanking you,
Regards,
Nitil Agarwala.
Pankaj Arora
(Learner)
(3134 Points)
Replied 04 March 2011
Yes create separate account of each head and incentive and leave encashment are exempt upto 3Lac.
Harpreet
(* * * * * *)
(1670 Points)
Replied 04 March 2011
Mr. Pankaj,
What are you writing that Leave Encashment is exempt upto 3 lacs.
Nitil Kr. Agarwala
(Persuing CS)
(264 Points)
Replied 04 March 2011
Respected Harpeet Sir,
Please guide me on the above matter.
Thanking You
With Regards,
Nitil Agarwala
Nitil Kr. Agarwala
(Persuing CS)
(264 Points)
Replied 04 March 2011
please guide me on urgent basis plzzzzzzzzzzz
CA. Santosh Prajapati
(Practice)
(97 Points)
Replied 05 March 2011
bonus or leave encashment received from the employer is taxable under the head of salary because there is a employer and employee relationship so TDS need to be deducted U/S 192 B.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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