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Professional fees of Rs.30000/- is paid to a consultant ABC
& Co.
please pass the necessary entry for the same
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Answer / renjith
Professional fees A/C........Dr. 30000
To ABC & co 26910
To TDS payable 3090
CGST 2422
SGST. 2422
To CGST ( RCM) 2422
To SGST (RCM) 2422
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / chalapathi rao govada
ABC &C A/C Dr 30000
To Bank A/C 30000
(Being the professional fee paid)
| Is This Answer Correct ? | 24 Yes | 25 No |
Answer / anil gautam
professional fees a/c dr 26910
tds a/c dr.to 3090
bank a/c 30000
(being profeesional fees paid)
tds is uper 20000 10.30%
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / amit shelar
Professional fees a/c 40000
to xyz 35880
to tds on professional fees 4120
| Is This Answer Correct ? | 3 Yes | 4 No |
Answer / ca aakash gupta
Professional fees a/c Dr. 30000
To Consultant ABC & Co. 30000
Consultant ABC & Co. Dr. 30000
To Bank 30000
Note. 1. No TDS Deduction is Required If amount paid in
respect of professioal fess Rs 30000 or less But If amount
paid to a profesional exceeding 75000 during the year then
TDS deduction is required @ 10% Under sec 194J of Income
Tax Act,1961. 2. If a payment exceeding 20000 is made in
cash it is disallowed U/S 40(a).
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / nilesh
Profit and loss A/c DR.
to professional fees A/c
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / bharathi
Professional Fees A/c Dr Rs.30000
To ABC & Co. Rs. 30000
(Being Professional Fees to ABC & CO
ABC & Co Dr Rs.30000
To Bank /Cash A/c Rs.30000
(Being Cash/ Bank paid to ABC & Co.)
There is no question of TDS - because if it is a single entry for the whole FY 12-13.
IF IT IS A CONTINUOUS SERVICE TDS IS APPLICABLE THAT MEANS IF IT EXCEEDS MORE THAN RS.30000 FOR THE FY 12-13 TDS TO BE DEDUCTED OTHERWISE NO NEED.
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / bijay parida
ABC and co a/c Dr. Rs.30000/-
To,TDS payable on professiona@10.30% Rs.3090/-
To,Cas/Bank a/c Rs.26910/-
| Is This Answer Correct ? | 2 Yes | 5 No |
Answer / satyaki_raju@yahoo.com
Simple answer is
Professional fees a/c dr
To bank/cash a/c
(being professional fee paid to ABC & co)
Why confusing others by creating TDS account. Most of the
commerce candidates are not in a position to pass ordnary
jaournal entries
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / sonu & rakesh
Professtional Tax A/c Dr 30000.00
To TDS@ (10%+3%E.C) 3090
To Cash/ Bank 26910
(Bing Prof TAx Paid To ABC Co.)
| Is This Answer Correct ? | 12 Yes | 16 No |
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