These are the code alloted from Income Tax for particulars
TDS
94c for Deducting TDS from Contract or Subcontract or
Adviretisement
94J for Deducting TDS from Professional Fees or Consultancy
charges or Technical Fees
94I for Deducting TDS from Landlord
THESE ARE USE IN TAX DEDUCTED AT SOURCES
1. 94C (194C) IT WILL REPRESENT CONTRACT AND SUB CONTRACT
2. 94J (194J) THIS WILL REPRESENT PROFESSIONAL FEES EXAMPLE
IF WE PAY FEES TO AUDITOR AFTER DEDUCTING TDS. i.e; 194j
3. 94I THIS RENT
These are the code alloted from Income Tax for particulars
TDS
1]94c for Deducting TDS from Contract or Subcontract or
Adviretisement
2]94J for Deducting TDS from Professional Fees or
Consultancy
charges or Technical Fees
3]94I for Deducting TDS from Landlord [Rent]
94c for the main contractor for 2% if exceed agreegate
income RS 50,000/- PA
94J for professional or technical services.10% for all payee
94I for Rental services.Ind/HUF 15% or any other person 20%
How do we treat Bad debts... how to create
provision/reserve for bad debts? show an example journal...
for creating provision and then writting off debtors
Supposed we raised the Bill to the party last year. Next
year party refused to pay the bill. Now I want write off
the ledger of that party. How i make journal entry?