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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 / 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.
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