What should be the entry in books of accounts for the following when books are maintained on receipt basis.
Professional fee received Rs. 22500
TDS @ 10% Rs. 2500
Total Professional fee Rs. 25000
N.Sivaraj
(Manager _ F&A)
(93 Points)
Replied 01 February 2010
Amir
(Learner)
(4016 Points)
Replied 01 February 2010
Dear SSG,
TDS deducted is a deemed receipt. Therefore u have to recognize as
Bank a/c ..........................Dr 22,500
TDS on Income..............Dr 2,500
To Professional Fees 25,000
CA. Rajesh P. Ahir
(In Service @ PSU)
(687 Points)
Replied 01 February 2010
parth shah
(article)
(89 Points)
Replied 01 February 2010
SSG
(1936 Points)
Replied 12 April 2010
What about the fee for March month?
The client will be deducting TDS from prof. fee of March 2010 but will be paying it in F.Y. 2010-11. What should be the entry in the professional's books. Should he recognise March fee as income in F.Y. 2009-10, when he is maintaining books of accounts on receipt basis.
Please clarify.
Thanks
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 15 April 2010
on 31st march entry will be.
Fee receivable Dr 22500
TDS DR 2500
to Professional Fees 25000
in the month of april
Bank A/c DR 22500
To Fees Receivable. 22500
regards,
ratan
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
