Respected 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.
You should book crate a new ledger for bonus and book it under indirect exp. And deduct tds including bonus with salary of employee.
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.
Yes create separate account of each head and incentive and leave encashment are exempt upto 3Lac.
Mr. Pankaj,
What are you writing that Leave Encashment is exempt upto 3 lacs.
Respected Harpeet Sir,
Please guide me on the above matter.
Thanking You
With Regards,
Nitil Agarwala
please guide me on urgent basis plzzzzzzzzzzz
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.
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