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Can be deduct Tds on Staff welfare expenses?
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Answer / m.amaan
YES,WE CAN DEDUCT TDS ON STAFF WELFARE EXPENSES
ALL THE WELFARE EXPENSES INCURRED ON STAFF ARE CONSIDERED
TO BE THE INCOME OF THE STAFF.FOR Eg:MEDICAL EXP REIMBURED
TO A PARTICULAR PERSONNEL IS CONSIDERED TO BE HIS INCOME &
IF IT EXCEEDS THE THRESHOLD LIMIT,TDS WILL BE DEDUCTED &
THE FOLLOWING ENTRY WILL BE PASSED"
STAFF WELFARE EXPENSES A/C DR 20000
TO TDS/EMPLOYEES INCOME TAX RECOVERY 2000
TO CASH/BANK 18000
(BEING MEDICAL EXP PAID TO MR.X RS.20000-2000 TDS=18000 NET
PAID AS PER MEDICAL BILLS ATTACHED)
| Is This Answer Correct ? | 12 Yes | 4 No |
Answer / falguni
please give me reason for not deduct TDS on staff welfare
expenses
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / swamy
suppose, if the accident happened during work/job, company
incurred entire hospital and other related expenses of
employee for that accident. Expenses debited to staff
welfare a/c.Is it income of employee need to deduct TDS?
In my opinion if the company paid any amount as staff
welfare in the form of direct payment, it is income of the
employee, then only tds need to be deducted.
| Is This Answer Correct ? | 1 Yes | 4 No |
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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
Audit 
