salary payable journal entry with tds
20000 from company on 1st December 2017 and we need to enter payment voucher of Rs. ESI contribution (employer + employee) Get Professional Certification in Accounts and Taxation, Journal Entries for Salary with TDS PF ESI. These particulars are to be furnished in Form 12 B in accordance with Rule 26A of the I.T.Rules. Salary Payable Definition. When it comes to TDS deducted for employees, it is usually part of the salary. As per Real account rule (Bank) "Credit what goes out of business"(Asset), Salary paid To PF payable(ee's contribution) 8000 PF Payment entry 20000 as staff advance in the name of Mr. Rajesh. Examples for TDS journal entries 194J, 194C, 194H, 194I etc. A salaries payable entry will tell you exactly how much money you owe to your employees for services performed. Terms of Service. Salary Advance Adjustment Entry . Accounting Voucher > Journal F7. Salary Advance Adjustment Entry . Out of above, basic salary which is eligible for Provident Fund contribution is Rs. I believe this writer assumed the employer is paying all the ESI AND PF, judging by the fact that the Net Salary of the employee is 1425000 (1500000-25000). NOTE: In the following examples we assume that the employee's tax rate for Social Security is 6.2% and that the employer's tax rate is 6.2%. There is outflow of money so as per real "credit what goes out of business", AMALGAMATION :- JOURNAL ENTRIES IN THE BOOKS OF TRANSFEROR AND TRANSFEREE COMPANY, JOURNAL ENTRY FOR FIXED DEPOSIT( INCLUDING INTEREST AND MATURITY), FINAL ACCOUNTS(BALANCE SHEET AND STATEMENT OF PROFIT AND LOSS). For Example: Rajesh get Advance of Rs. 5500 Journal entry for salary paid to Anil and tds deducted? Sec 192 , Charging Section. Liabilities), PF contribution payable is current liability and the same need to be paid to PF department with in due date, so a, TDS payable is liability and the same need to be paid to income tax department , So a, (narration being salary for the month of march paid in April ). To bank 100000, Q2. Allowances are many types I am giving you some examples: -. Tds Journal Entry In Tally You have to record the below journal entries for TDS in your company books of accounts. The accounting entry for TDS … When transaction is recorded for payment or booking of the interest (expense) without deducting TDS, a separate transaction is recorded to deduct TDS for this interest amount. Salaries expense is recorded on the debit side. In case 7th of the month happens to be a Sunday or a bank holiday payment can be made on the next working day. HELLO SIR,MY QUESTION IS .....SUPPOSE MR.RAM IS EMPLOYEE OF M/S ABC LTD. COMPANY HAS PAID RS.10000/- FOR OFFICE EXP. Definition: Salary payable is the amount of liability or payment of the company towards its employees against the services provided by them but not yet paid at the end of the month, year, or for a specific period of time. To PF payable(ee's contribution) 8000 When salaries are paid to employees, the employer deducts the employee’s contribution from it and only the net amount is paid. Tds Journal Entry In Tally You have to record the below journal entries for TDS in your company books of accounts. 42610 what is the entry should be made Pls tell me sir adjustment entry you know ans in above Gmail id : Salary A/c Dr 100000 For Example: Rajesh get Advance of Rs. The employer on receipt of such information is required to take into account the particulars of salary and TDS and then deduct tax at … The Debiting of Salaries Payable in the above Journal Entry removes the Salary Payable Liability on the Balance Sheet. Tds Journal Entry In Tally You have to record the below journal entries for TDS in your company books of accounts. 100000/- was deposited in SB BANK Fixed Deposit A/C Dr 100000 To SB BankA/C 100000 (Being fixed deposit was done in SB) Rules for passing Journal entry Debit Fixed deposits are treated as non-current asset or current asset is depended on maturity period, if maturity period is less than one year from the date of reporting it is treated as current asset or else treated as non-current asset. Now we create Ledger "Salary Payable" under Current Liabilities, which will be use to made payment to each employee after deduction of advance, tds or any other liability. Very nice explanation. Account Payable. Project Gutenberg: More than 57,000 free ebooks you can read on your Kindle, Nook, e-reader app, or computer. Pass the journal entries and make salaries payable ledger account for the following transactions of Abdan & Co on 30 th January 2019. TDS on Salaries A/c Dr – 6,300 . 200 To Tds on salary A/C Cr Rs. CA Maninder Singh is a Chartered Accountant for the past 10 years. The accounts payable journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of accounts payable.. To ESI payable(e4's contribution) 4000 Tds Journal Entry In Tally Here are the steps to pass a journal entry for TDS receivable in Tally. Pass Entries Employer’s own contribution along with the employee’s share is … For example in case of TDS on Contractors u/s 194 C following accounts will be opened in the GL. Please have the accounting entries listed below verified by your accountant. ESI Payment entry Now that you can adjust the tds paid in the IGST payable to the government, for that you should pass an adjustment entry ,so that the tds paid will get deducted from total GST payable to the government. It is usually included in the current liabilities on the balance sheet as it is expected to be paid within one year. Salary paid by cheque 1 lakh ,tds deducted 10000,net amt paid 90000, Salary A/c Dr 100000 Salary Payable A/C 1425000, To Tds Journal Entry In Tally You have to record the below journal entries for TDS in your company books of accounts. SO HOW I CAN PASS THE JOURNAL ENTRY FOR CLAIMING GST INPUT. Journal Entries for TDS 194J, 194C, 194H, 194I - Waytosimple Mahendra Rana. Journal Book Salary payable A/C Dr. To Mr. A To TDS To EPF To ESI Payment TDS EPF ESI To Bank A/C Examples for TDS journal entries 194J, 194C, 194H, 194I etc. JOURNAL ENTRIES IN BOOKS OF TRANSFEROR COMPANY AND TRANSFEREE COMPANY IN THE BOOKS OF TRANSFEROR COMPANY(SELLING COMPANY) Accounting standard 14 is not applicable for selling company. This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs. 16A, and other TDS data. How to record TDS Payment Entry @ Tally.ERP9: How to record TDS payment (to government) entry in Tally.ERP 9? Salaries Payable Journal Entries. Rate of TDS is 2% flat. Salaries payable Entity A pays salaries on the 20th of each month. ESI payable(ER's contribution) 4000 Type of duty /tax:GST health scheme for workers. Examples for TDS journal entries 194J, 194C, 194H, 194I etc. Out of which, $10,000 is paid on 30th January, while the remaining balance is still unpaid. Salary paid by cheque 1 lakh ,tds deducted 10000,pf deducted 8000,esi deducted 2000,net amt paid 80000.Employer also paid PF 11000,ESI 4000, Salary A/c Dr 100000 1.A Company with a net income of $ 7,650 in a year and has 3,000 outstanding shares. Accounting is done with the objective of closing books of accounts and simultaneous determination of profit or loss on closing books of accounts. Online Library Tds Journal Entry In Tally Tds Journal Entry In Tally When somebody should go to the book stores, search introduction by shop, shelf by shelf, it is in reality problematic. On signing up you are confirming that you have read and agree to evaluation tds journal entry in tally what you in the manner of to read! TDS payable A/C 25000, (Being salary paid for the month of march), s per nominal account rule (Salary I Value Added Tax (VAT) The organizations engaged in Sale and purchase transactions have to pay Vat liability. To bank 19000 TDS on Salary Payment Entry . mandatory applicable for all employees whose salary is Rs.15000/- per month.The The journal entry to record the hourly payroll's wages and withholdings for the work period of December 18–24 is illustrated in Hourly Payroll Entry #1. Tds Journal Entry In Tally You have to record the below journal entries for TDS in your company books of accounts. Select relevant TDS Section, GST Group Code, HSN/SAC Code, Location Code on journal line. 85988 for FY 2018-19 Refund for AY 2019-20 Rs. : - As per Income tax act the TDS on salary should be Login to view more pages. Salary advance given to Balu of Rs.12,000. Salary Payable: Definition, Example, Journal Entry, and More. At present QuickBooks Online India version does not support Payroll and hence you will have to use the journal entry route to enter salary and TDS details paid/deducted for an employee. By Salary paid A/C dr Rs.109800 To Cash/ Bank A/C cr Rs.109800 For Rent entries are as follows. To Tds payable 10000 Journal Entries for TDS 194J, 194C, 194H, 194I - Waytosimple Mahendra Rana. To bank 80000 Best Wishes Admin. Here we will see how to make accounting journal entries of for taxation. The same will be deducted from his salary. Salary Payable Journal Entry Salary payable is an accrued liability and therefore credited in the books of accounts. Consider the following alternative sets of entries. Suppose, it TDS is Rs. Journal Entry For Provident Fund (PF) Provident fund or PF is a compulsory retirement savings plan managed by the government where employees contribute a fixed percentage of their monthly pay-out and the same amount is contributed by the employer.Accounting and Journal entry for provident fund is … 1) a) Salary Payable A/C Dr. TDS on Salary A/c Dr. ManyBooks: Download more than 33,000 ebooks for every e-reader or reading app out there. Yes garv rightly said. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. Teachoo is free. How to configure Withholding Tax (TDS) in SAP, Before configuring the withholding tax part first create GL accounts for the Tax and surcharge payable there on. When it comes to TDS deducted for employees, it is usually part of the salary. The employee portion will be Journal Entries for TDS 194J, 194C, 194H, 194I - Waytosimple Mahendra Rana. Journal Entry for Fixed Deposit Fixed deposit Rs. Likewise, there is no effect on the income statement in this journal entry as the company has already recorded the expense that has incurred together with the accrued salary in the previous period adjusting entry. Please have the accounting entries listed below verified by your accountant. All the Tax deducted during a month is to be paid to the credit of Government on or before 7th of the next month. For example, service amount is INR 20000 and advance payment made to vendor for INR 10000, 18% GST (i.e. Type of duty /tax:GST 5000. Now, the net liability of Mr. N person will be of Rs. July 7, 2013 at 10:34 pm. On December 20, 20×1, Entity A paid $180,000 in cash for monthly salaries. Employer ESI Exp Dr 4000 PF payable(ER's contribution) 11000 Unlike the provisions of TDS, pertaining to payments Now that you can adjust the tds paid in the IGST payable to the government, for that you should pass an adjustment entry ,so that the tds paid will get deducted from total GST payable to the government. TDS on Salaries A/c Dr – 6,300 . This is why we give the books compilations in this website. Keeping accurate payroll records is important because through your payroll, you are paying bills that, if not paid properly, can cause major problems for your company. Monthly salaries expense is $180,000. 20000 as staff advance in the name of Mr. Rajesh. Now, select Journal Voucher by pressing F7 or selecting Journal from the right hand side green bar. ... Journal Entry for Fixed Deposit Fixed deposit Rs. IF rent is 21000 Journal entry will be. To HDFC Bank A/c – 1,200 . :- Health insurance paid on behalf of employee Teachoo provides the best content available! Journal Entries for TDS 194J, 194C, 194H, 194I - Waytosimple Mahendra Rana. TDS Payment Entry, Tds payable 10000 MR RAM INCURRED EXPENSES OF RS.5000/- NO GST INCLUDED IN INVOICE.THEN WE PASS JOURNAL ENTRY 1) MR RAM A/C DR 10000/- TO BANK A/C 10000/-2) FOR EXP BOOKING EXPENSES A/C DR 5000/- TO MR RAM 5000/-3) RAM LEDGER BALANCE AVAILABLE OF RS.5000/-I THINK IT IS RIGHT ENTRY IN NORMAL CASE2ND CASEIF MR. RAM PAID RS.5000/- FOR BILL PAYMENT ON BEHALF OF ABC LTD.BUT INVOICE AMT INCLUDE GST. employer and employees both contributes @ 12 percent. GST on Advance Payment should be marked true. To bank 90000, Q3. 9% CGST and 9% SGST/UTGST) and 10% TDS has to … - Employees Provident Fund provides Pension scheme and insurance scheme .It is A Fiscal Year (FY) does not necessarily follow the calendar year. Use Alt+J or click on Statutory adjustments. Professional Tax Payable A/c Dr – 1,200 . A reversing entry is a journal entry to “undo” an adjusting entry. deducted from salary and paid to ESI Corporation including employer The opening balance of salary payable is amounting to $30,000. The company makes this journal entry of salaries paid to eliminate the liabilities that it has recorded in the period-end adjusting entry. Q1.Salary paid by cheque 1 lakh-a-Salary A/c Dr 100000To bank 100000-ea-Q2.Salary paid by cheque 1 lakh ,tds deducted 10000,net amt paid 90000-a-Salary A/c Dr 100000To Tds payable 10000To bank 90000-ea-Q3.Salary paid by cheque 1 lakh ,tds deducted 10000,pf deducted 8000,esi deducted 2000,net amt pai Rs.15000/- per month. Tds Journal Entry In Tally You have to record the below journal entries for TDS in your company books of accounts. : Professional Tax Payment Entry . Employer PF Exp Dr 11000 PF payable(EE's contribution) 8000 This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs. Explanation of Above Entry with Example : Suppose, ABC have to pay Rs. To bank 80000, Q4. Advance tax Rs.130000, TDS Rs. Suppose, it TDS is Rs. Examples for TDS journal entries 194J, 194C, 194H, 194I etc. There is a Salaries Expense Debit entry because, during the ACTUAL disbursal of Salaries, there may be a certain amount of Salary that has accrued but has NOT been reflected in the Salaries Payable. Vanilla Bond Private limited company incorporated in the US has just started the business of brokerage with equity capital of $ The journal entry for salary payable is shown below. To PF payable(EE's contribution) 8000 TDS Entry in Tally ERP 9, is a further step of Tally.erp 9 to become a truly ERP solution.Tally Suppose total gross salary payable for the month of January 2010 is Rs. A/C) “Debit all expense or loss", ESI contribution is expense to the company, so a, ) “Debit all expense or loss"(Expense Account), PF Contiribution is expense to the company, so a, “Debit all expense or loss"(Expense Account), Salary payable is liability to company, so a, ) "Credit the giver account"(Current Liabilities), ESI contribution payable is current liability and the same need to be paid to ESI department with in due date, so a, ) "Credit the giver account"(Current 100000(50000+50000), Salary A/C Dr 1450000, ESI To PF payable(ER's contribution) 11000 When is TDS Deducted & when Deposited ? There may be amalgamation either transfer of two or more undertakings to an existing company or new company. on one hand salary is debited being the expense for the company and on other hand a liability is created with the name of salary payable. Calculate the Earning per Share (EPS). To PF payable(er's contribution) 11000 TDS Entry in Tally ERP 9, is a further step of Tally.erp 9 to become a truly ERP Journal Voucher Salary A/c Dr. 100000 To TDS Payable A/c 20000 To ProfessionalTax Payable A/c 200 To Salary Payable A/c 79800 Pa TDS Deduction for Interest Payable As per section 194A of the Income Tax Act, TDS has to be deducted on interest paid towards overdue amounts or on loans taken from parties. In the part -1 CLICK HERE FOR PART - I Accounting for amalgamation we learnt about nature of amalgamation and method of accounting, now we are going to learn journal entries in the event of amalgamation. 23 April 2013 when you are paying salary you are automatically recovering the amount from them as J/e pass is Salary A/c.....Dr Rs.1000 to Bank Rs.900 to TDS payable Rs.100 here you have booked expense at Rs.1000/- and paid Rs.900/- that means you have recovered Rs.100/- To bank 10000 This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes . Why TDS is not required to be deducted on Salary Paid to Partners. The Wages Payable amount will be carried forward to the next accounting year. Accounting and Journal entry for provident fund is a 3 step process. Journal Entries for TDS 194J, 194C, 194H, 194I - Waytosimple Mahendra Rana. Now we create Ledger "Salary Payable" under Current Liabilities, which will be use to made payment to each employee after deduction of advance, tds or any other liability. deducted if the employee’s salary is exceeding the zero tax slab bar. 2,00,000 - Employee state Insurance scheme is a self-financing social security and Examples for TDS journal entries 194J, 194C, 194H, 194I etc. Reversing entries are optional accounting procedures which may sometimes prove useful in simplifying record keeping. company includes allowances and deductions. Journal Entries for TDS 194J, 194C, 194H, 194I - Waytosimple Mahendra Rana. Page 6 of comments on 'How to pass journal Entry in Tally.ERP 9' Toggle ... What is the Provision entry for salary and pf, esi tds Provision entry. Salary… 95000. and TDS liability will be Rs. Salary advance given to Balu of Rs.12,000. Entries for deduction of rent Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. Examples for TDS journal entries 194J, 194C, 194H, 194I etc. A great step by step tutorial will help people to activate and Generate TDS return, form No. As per Real account rule (Fixed Deposit) "debit what comes into business"(Asset) Credit There are is outflow of cash from business and it has to be decreased by crediting the bank account. You have to record the below journal entries for TDS in your company books of accounts. To Tds payable 10000 They should be debited with only Employer's contribution. To ESI payable(ER's contribution) 4000 He also provides Accounts Tax GST Training in Delhi and Pune. Step #5 TDS Adjustment against gst payable. if you required any info regarding TAX & GSTR please visitAccounting Services in bangalore|Auditing Services in bangalore|Trademark Registration|Payroll Processing|GSTR for finance|. Salary payable account is debited to cancel the liability, because there is out flow of cash against the liability. Step #5 TDS Adjustment against gst payable. Why ESI and PF is debited with employee's contribution? As the employed is passing is passing the entry in its books of account, hence only Employer's contribution towards ESI and PF will be debited as Employer's expense. Examples for TDS journal entries 194J, 194C, 194H, 194I etc. This comment has been removed by the author. Professional Tax Payment Entry . In accordance with accrual accounting and the matching principle, the date used to record the hourly payroll is the last day of the work period. Tds Journal Entry In Tally You have to record the below journal entries for TDS in your company books of accounts. Salary payable can be attributed to the type of payroll journal entry that shall be used to record in the books of account the compensation which shall be paid to the employees. 1,00,000 pay rent to Mr.A person. Professional Tax Payable A/c Dr – 1,200 . Journal Entries for TDS 194J, 194C, 194H, 194I - Waytosimple Mahendra Rana. The $13,420 of Wages Expense is the total of the wages used by the company through December 31. The adjusting journal entry for Wages Payable is: The $1,500 balance in Wages Payable is the true amount not yet paid to employees for their work through December 31. But in practical scenarios the entity will make payment entry by knowing the balance amount payable by preparing statement showing the balance tax payable after adjustment of advance tax and TDS/TCS then we need to pass to separate entries . Thank you. =45000(30000+15000), PF contribution (employer + employee) = The employer contributes 4.75 percent and employee is deducted from employee depending on proportionate contribution by employer.Other deductions includes part contribution b employees in food allowance and other. The post will explain in simple terms the meaning,understanding and creation of tds entry in Tally.erp 9,with journal entry for TDS and how to make necessary tds entry in tally. 5000 because both amount is payable to different persons. contribution A/C Dr 45000, PF Contribution A/C Dr 100000, To Salary Advance Entry ACCOUNTING FOR AMALGAMATION PART-II Amalgamation means the liquidation of one or more companies and transfer of business of liquidated entities to another entity. So, today, I am writing for them how to process payroll manually and how to pass necessary journal entry with practical example. If it is outstanding for current year then you have to pass entry for salary and show as payable. 3,00,000. Step-4: TDS Transaction (Accounting for TDS on Expenses) Go to Gateway of Tally > Accounting Voucher > F7: Journal and pass the Journal Entry as below : Note : Out of Rs.5,00,000 towards Rent Paid to N. Jatania & Co , only Rs.4,50,000 is credited to party account and Rs. Individuals must remember that while deducting TDS on income other than salary like interest income, professional income etc., TDS is deducted at a flat rate and calculation of cess is not considered. Employer PF Exp Dr 11000 Pf and esic only employers contribution should be debited. 20000 from company on 1st December 2017 and we need to enter payment voucher of Rs. 2.4.1 Expenses Partly Subject to TDS (Journal Voucher) ... 3.2.3 TDS Computation – TDS Payable ... *Section 192 (Salary) shall furnish a certificate of Deduction of tax in Form 16 or Form 16AA within one month from the close of Financial year in which such deduction was It's very useful And nice & perfect entryThanks sir. From Gateway of Tally, go to Accounting Vouchers. Now, the net liability of Mr. N person will be of Rs. To ESI payable(ee's contribution) 2000 To ESI payable(EE's contribution) 2000 ESI payable(EE's contribution) 2000 Examples of Payroll Journal Entries For Wages. Bill Received on 10th April from Max for Consultancy Service Payment made on 15thSept. Tds Journal Entry In Tally You have to record the below journal entries for TDS in your company books of accounts. Extract of Section 192 is as under. To Bank 80000 Rate of TDS is 2% flat. Salary Payable Journal Entry example Employer ESI Exp Dr 4000 Examples for TDS journal entries 194J, 194C, 194H, 194I etc. A27. To Bank 6000. The same will be deducted from his salary. At present QuickBooks Online India version does not support Payroll and hence you will have to use the journal entry route to enter salary and TDS details paid/deducted for an employee. 5000 because both amount is payable to different persons. When transaction is recorded for payment or booking of the interest (expense) without deducting TDS, a separate transaction is recorded to deduct TDS for this interest amount. Explanation of Above Entry with Example : Suppose, ABC have to pay Rs. Combined Entry salary and TDS of earlier employment may be furnished to the subsequent employer. Yes, only Employer's expense is allowed to be debited. Examples for TDS journal entries 194J, 194C, 194H, 194I etc. Use Alt+J or click on Statutory adjustments. There is a Salaries Expense Debit entry because, during the ACTUAL disbursal of Salaries, there may be a certain amount of Salary that has accrued but has NOT been reflected in the Salaries Payable. TDS on Salary Payment Entry . To ESI payable(ee's contribution) 2000 What are the journal entries to be prepared on December 20 and 31, 20×1? 1,00,000 pay rent to Mr.A person. particulars of salary and TDS and then deduct tax at source considering the aggregate salary from all sources. To HDFC Bank A/c – 6,300 . Interest payable accounts are commonly seen in bond instruments because a company’s fiscal year endFiscal Year (FY)A fiscal year (FY) is a 12 month or 52 week period of time used by governments and businesses for accounting purposes to formulate annual financial reports. It may be a period such as October 1, 2009 – September 30, 2010. may not coincide with the p… Thus, from the monthly salary income, TDS at the rate of 8.58 per cent would be deducted and then the employee would receive the net salary income. The Debiting of Salaries Payable in the above Journal Entry removes the Salary Payable Liability on the Balance Sheet. To Tds payable 10000 Entries for deduction of rent Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. Here in this post I am trying to provide you all the list of ledgers required for a new company opened in Tally ERP 9 under the head and sub sub heads groups.This post is aiming for beginners who doesn’t know how to start with and what are the Ledgers required for a newly started business. Thanks for sharing such an informative.if you required any TAX and GST Consultants, plse visitsynmac consultants in BANGALORE | CHENNAI | DELHIsynmac.in, the information you have updated is very good and useful,plse update further. Salary paid by cheque 1 lakh ,tds deducted 10000,pf deducted 8000,esi deducted 2000,net amt paid 80000, To Tds payable 10000 Accounting Voucher > Journal F7. The first example does not utilize reversing entries.An adjusting entry was made to record $2,000 of accrued salaries at the end of 20X3. It is applicable for all employees whose salary is 11000 Payment entry will be. To HDFC Bank A/c – 1,200 . Journal Entries for TDS 194J, 194C, 194H, 194I - Waytosimple Mahendra Rana. In this section of payroll accounting we will provide examples of the journal entries for recording the gross amount of wages, payroll withholdings, and employer costs related to payroll. contributes 1.75 percent, total of 6.5 percent. TDS Deduction for Interest Payable As per section 194A of the Income Tax Act, TDS has to be deducted on interest paid towards overdue amounts or on loans taken from parties. 1) a) Salary Payable A/C Dr. TDS on Salary A/c Dr. To Salary A/c To TDS on Salary A/c b) Salary A/c Dr. TDS on Salary A/c Dr. To Bank The total salary expense for January is $20,000. 2.4 When is tax to be deducted Section 192 casts the responsibility on the employer, of tax deduction at source, at the time of actual payment of salary to the employee. It will no question ease you to look guide tds journal entry … TDS payable is liability and the same need to be paid to income tax department , So a s per personal account rule (TDS payable A/C) "Credit the giver account"(Current Liabilities) The Salary amount above mentioned is salaries for all employees , before passing the entry we should prepare a sheet of salaries payable to all employees and the same will be used as support document for passing … To Salary payable A/C cr Rs.109800 To Professional tax payable A/C cr Rs. contribution. 1178 Salary A/c Dr 100000 Chargeability of TDS on Salary is governed by section 192 of Income Tax Act. At the time of Entry passing of TDS on Salary (journal voucher) which nature of payment we will select under TDS (Type of duty) We want that when we select the TDS helper (payment) than TDS on salary amt will shown in report automatically
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