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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 Posted / 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).
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